Nova Ljubljanska banka (NLB) has revealed plans to make a voluntary public cash offer for Addiko Bank, seeking control of the lender through the purchase of all issued shares at €29 each on a cum dividend basis.
The move follows a recent announcement by Austria’s Raiffeisen Bank International (RBI), which has also launched a voluntary takeover offer for all issued and outstanding Addiko shares.
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RBI has offered €23.05 in cash for each Addiko share, valuing the bank at €449.5m ($524.2m).
NLB said it does not currently own any Addiko shares and is aiming to secure a significant majority stake through the proposed offer.
The bank said the offer stands 25.8% above the six-month volume-weighted average share price of €23.05 recorded at the close of trading on 8 April 2026.
It added that the proposed price is 11.6% above the closing market price on the same date and 25.8% above the price referred to in Raiffeisen’s announcement last week.
NLB said the deal would be expected to add materially to earnings from the second full year after completion, while the effect in the first year would be broadly neutral.
At the end of 2025, Addiko had risk weighted assets of €3.9bn, which NLB said fits within its indicated acquisition capacity of around €4bn.
NLB also said it plans to combine Addiko’s banking subsidiaries with its own businesses in the five markets where both groups operate.
For subsidiaries outside the European Union, the bank said it would assess the costs and benefits of integration.
If it decides that any such unit should be sold, it said the sale price would be no less than fair market value.
The offer would depend on NLB obtaining a significant majority holding in Addiko, receiving clearance from banking and merger control regulators, and meeting other customary closing conditions.
NLB CEO Blaž Brodnjak said: “We continue to believe that Addiko represents a compelling and strategic acquisition opportunity given its capabilities in the consumer finance and SME segments of the market, as well as due to its digital delivery framework – all of which is highly complementary to NLB Group’s own universal banking model and could support our strategic priorities.
“We have therefore decided to present Addiko shareholders with, in our opinion, a highly attractive offer, that is, furthermore, also in the interests of other stakeholders, including Addiko’s, customers, management, and employees.”
