Brandes Supports NLB Offer for Addiko Bank Shares
Investment firm Brandes Investment Partners announced its intention to tender Addiko Bank AG shares to NLB Group. The firm believes NLB's offer provides a superior economic outcome for its clients.
Brandes Investment Partners announced on July 16, 2026, that it intends to tender shares of Addiko Bank AG managed on behalf of its clients to NLB Group. The investment firm, a shareholder in Addiko since its 2019 IPO, has been monitoring the bank's development and the ongoing takeover process.
The firm stated that NLB's offer of €37.00 per share is substantially higher than the €26.50 per share offer from Raiffeisen Bank International (RBI). NLB's bid values Addiko at approximately €721.5 million, compared to RBI's €516.8 million. Brandes highlighted that NLB's offer, representing a 39.6% premium, delivers a materially superior economic outcome for its clients.
Brandes also noted NLB's decision to lower its minimum acceptance threshold to 50%, which it believes creates a more viable path to completion. However, the firm expressed concerns regarding the structure of RBI's competing proposal, particularly its arrangements with Alta Group concerning four non-EU bank subsidiaries. Brandes understands that Alta Group may retain an effective economic interest of approximately 29.6% in Addiko.
Brandes Investment Partners stated it will continue to monitor developments and make decisions in the best interests of its clients. The firm plans to proceed with tendering shares if NLB's offer terms remain unchanged and required regulatory approvals are obtained.