Austria's Raiffeisen Bank International has launched a takeover bid for Addiko Bank, offering 449.5 million euros ($524.2 million) to expand its presence in Central and Southeastern Europe. The Vienna-based lender is offering 23.05 euros per share, matching Addiko's six-month volume-weighted average price.

The bid represents a 20% premium to Addiko's intrinsic equity value according to an external valuation, though it's nearly 13% below the bank's last closing share price of 26.00 euros. The transaction is expected to close in the fourth quarter and will strengthen Raiffeisen's position in Croatia while facilitating its return to Slovenia's corporate and investment banking markets.

As part of the deal, Raiffeisen plans to sell Addiko's subsidiaries in Serbia, Bosnia-Herzegovina, and Montenegro to Alta Pay, a company linked to Serbian businessman Davor Macura. The divestment is scheduled for completion in the second half of 2027 and will fetch at least fair market value for the units. The acquisition follows Addiko's emergence from the restructuring of Hypo Alpe Adria, an Austrian bank that received a state bailout in late 2009.