Tender Offer for All Shares in Pohjola Bank Plc
Castrén & Snellman is representing OP-Pohjola Group Central Cooperative in a public tender offer concerning Pohjola Bank Plc. OP-Pohjola Group Central Cooperative is the central institution of the OP-Pohjola Group, Finland’s largest financial services provider. The offer was announced on 6 February 2014, and its total value is approximately EUR 3.4 billion.
The tender offer for Pohjola’s shares began on 24 February 2014 and will close on or about 1 April 2014. At the date the offer was announced, OP-Pohjola already held about 61.3 per cent of all voting rights related to Pohjola’s shares, giving it control over the target company. If OP-Pohjola obtains more than 90 per cent of the shares and votes in Pohjola, it will redeem any minority holdings and apply for permission to delist Pohjola’s shares from the Helsinki Stock Exchange. OP-Pohjola has already received undertakings regarding the acceptance of the offer from Ilmarinen Mutual Insurance Company, which is one of Pohjola’s major shareholders, as well as from cooperative banks belonging into the OP-Pohjola Group.