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Qatar Lender Pulls Offer to Raise Stake in National Bank of Oman

Qatar Lender Pulls Offer to Raise Stake in National Bank of Oman

Commercial Bank of Qatar QSC abandoned a plan to build a controlling stake in National Bank of Oman after investors pushed back against what would have been a rare cross-border tie-up in the Gulf.

Qatar’s fourth-biggest lender withdrew an offer to raise its stake in the Omani bank after shareholder acceptance fell short of the 15.2% minimum threshold, according to a statement. Investors representing 7.74% of shares of accepted the offer.

Commercial Bank of Qatar last month had offered 49.43 million rials ($128 million) to raise its holding to 50.1% from 34.9%. The proposal to acquire 247 million shares represented a 18% premium to NBO’s closing price of June 2.

NBO’s shares closed 1.5% higher in Muscat on Sunday before Commercial Bank of Qatar announced its plan.

©2021 Bloomberg L.P.