© Reuters.
In a significant development, Colombian billionaire Jaime Gilinski is poised to acquire a controlling stake in Metro Bank Holdings Plc, a move that will substantially increase Spaldy Investments’ ownership. The deal, finalized on Monday, will see Spaldy’s stake surge from 9.2% to approximately 53%, positioning Metro Bank as the only substantial individual majority-owned listed British bank.
The acquisition comes through a financing agreement and is subject to approval by shareholders not involved in the equity raise. Gilinski’s move to secure a majority stake is noteworthy considering UK takeover norms. Typically, shareholders with stakes over 30% are mandated to bid for additional shares.
However, Gilinski has been actively lobbying for an exemption from rule nine of the takeover code, which would allow him to avoid a full bid. If shareholders grant the exemption, it would mark a significant shift in Metro Bank’s ownership structure and potentially influence the bank’s strategic direction moving forward.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
Read the full article here