Chinese carmaker Geely to be largest shareholder of Denmark's Saxo bank
Lars Seier Christensen, co-founder of Saxo, has received an offer and agreed to sell his stake of 25.71 per cent of the bank to Geely pending, among other things, regulatory approvals.
Certain minority shareholders are expected to exercise tag-along rights as part of the investment offer from Geely, which is expected to own 30 per cent of Saxo on completion.
Financial terms of the transaction, which is expected to be finalised by the fourth quarter of 2017, have not been disclosed. ■