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Monday, February 7, 2011

Santander bids to tighten hold on Poland's BZ bank, (BZWB), (ALBK)

Spain's top lender Santander moved to gain full control of Polish bid target Bank Zachodni WBK (BZWB.WA) on Monday, offering to buy minority investors out for a 4.5 percent premium which values the bank at $5.7 billion. Santander beat European rivals seeking a slice of Polish growth with a deal in September to buy 70.4 percent of the country's fifth largest bank by assets from Allied Irish Banks (ALBK.I), part of a 2.9 billion euro transaction. It is still awaiting Polish regulatory approval.

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