Reggeborgh (5.15%) knocked on the door of HFSF (9%) and Paulson (7.32%) in Alpha by offering 1.20 euros, but…

Dutch investor Reggeborgh, who owns 5.15% of Alpha bank’s shares, has expressed interest in buying the Financial Stability Fund’s 9% stake, but the process is running into… process…
After the refusal of the Financial Stability Fund, Reggeborgh approached Paulson proposing a price of 1.20 euros for the 7.32% of the shares it owns minus the percentage of the Financial Stability Fund…
Paulson owns 157 million shares, which in the total of Alpha bank’s 2.348 billion shares corresponds to 6.68% of the shares… Paulson’s actual share in Alpha bank is 6.68%…
1.20 euros corresponds to a premium of 22% which, however, does not reflect the real potential of Alpha bank since the share is worth more…

What’s up with Paulson?

The 7.32% (6.68%) of the shares held by Paulson in Alpha bank corresponds to 171.9 million shares or 206 million euros based on the price of 1.20 euros.
If there is a deal and Paulson sells the 7.32% of the shares he owns then Reggeborgh will have acquired 7.32% and 5.15% holding a total of 12.47% of Alpha bank and becoming the largest shareholder…
However Reggeborgh’s capital firepower is specific.
Reggeborgh which is the strategic investor of Ellaktor has made divestment moves in essence since Ellaktor is shrinking, e.g. ELTE Anemos was sold to Motor Oil…
It has not become clear what Reggeborgh’s strategy is in Greece and especially in Alpha bank.
However, if he acquires 7.32% of Alpha bank’s shares, he will become the main shareholder without… having a banking past…
Paulson, for his part, has been a trapped investor for years and is looking for ways to disengage from the Greek banking system… but not at any price…
However, we believe that 1.20 euros is not a realistic price since Alpha bank’s stock is worth more… a development that Paulson surely sees… if he wants to leave now that Alpha bank is recovering… it is probably a move of desperation. ..

Serious footnote bankingnews

Paulson is a family office in the USA i.e. a family wealth management business (of the family) and Reggeborgh is also a family office in the Netherlands.
We are still looking for Paulson’s positive contribution to the Greek banking system and especially to Alpha bank.
As for Reggeborgh he is clearly a potential seller who with little funds wants to control a bank…and at some point he will leave…as usual…
All this may in the short term create stock exchange mobility, however they do not change in the least the bank’s strategies which are anyway in the right direction.

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