Spain’s BBVA is in advanced talks with Dogus Holding for acquisition of a 14.89% stake in Turkey’s Garanti.
BBVA, which currently holds 25% stake in Garanti, is looking at improving the share to 39.9% through the proposed acquisition.
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The Turkish conglomerate Dogus Holding has a 24.2% stake in Garanti at present.
However, BBVA confirmed that even if the acquisition is approved, it would not lead to a mandatory offer to buy out remaining shareholders.
The negotiations have reportedly not been completed yet.
BBVA purchased its initial stake in Garanti in 2010.
