Qatar bank eyes CBK

Unnamed suitor in early talks to take majority stake in Commercial Bank of Kuwait, newspaper says.
Qatar bank eyes CBK
By Reuters
Sun 12 Aug 2007 11:46 PM

A Qatari bank is considering buying a majority stake in Commercial Bank of Kuwait (CBK) at 2.2 dinars ($7.81) per share, a Kuwaiti newspaper said on Sunday, without naming the suitor.

Talks were still in the early stages and no formal offer had been made so far, al-Qabas reported, without saying how it got the information. Any deal would include a share swap, it said.

Commercial Bank's shares closed on Wednesday at 1.340 dinars.

Commercial Bank of Kuwait said it had been in negotiations with unidentified local and foreign investors earlier this year until the talks ended over differences on price in May.

The Kuwaiti lender said it was ready to "receive and study" future offers for a "cooperation", leaving the door open to a deal.

Kuwaiti newspapers have named Qatar National Bank and Kuwaiti investment bank Global Investment House as possible suitors.

Qatar National Bank had never been interested in Commercial Bank of Kuwait, the Qatari bank's chief executive said on July 10.

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