© Reuters.
In a significant development, Colombian billionaire Jaime Gilinski is poised to acquire a controlling stake in Metro Bank Holdings Plc, a move that will substantially increase Spaldy Investments’ ownership. The deal, finalized on Monday, will see Spaldy’s stake surge from 9.2% to approximately 53%, positioning Metro Bank as the only substantial individual majority-owned listed British bank.
The acquisition comes through a financing agreement and is subject to approval by shareholders not involved in the equity raise. Gilinski’s move to secure a majority stake is noteworthy considering UK takeover norms. Typically, shareholders with stakes over 30% are mandated to bid for additional shares.
However, Gilinski has been actively lobbying for an exemption from rule nine of the takeover code, which would allow him to avoid a full bid. If shareholders grant the exemption, it would mark a significant shift in Metro Bank’s ownership structure and potentially influence the bank’s strategic direction moving forward.
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