EBRD, BNP Paribas agree on mandatory buyout of UkrSibbank's shares from minority shareholders
The European Bank for Reconstruction and Development (EBRD) and France's BNP Paribas S.A., which have a combined 99.9998% stake in Kyiv-based UkrSibbank, have agreed on the mandatory squeeze-out of the latter's shares from minority shareholders.
Under the agreement concluded on December 21, the EBRD and BNP Paribas could be considered as parties that act jointly, UkrSibbank said in the Ukrainian Securities and Stock Market Commission's information disclosure system.
BNP Paribas will act as an authorized entity to acquire and fulfill all obligations under the agreement.
The squeeze-out will be conducted at a market price, which is to be set by a valuator of assets.
As was reported, amendments introduced on March 23, 2017, to some legal acts in Ukraine to facilitate corporate management at joint-stock companies have introduced such procedures as squeeze-out and sell-out (the forced purchase and sale of participation in share capital) to the country's legislative environment.
UkrSibbank was founded in 1990. BNP Paribas S.A (France) owned 59.9996% of the bank's charter capital as of the beginning of January 2017, while the EBRD held 40%.