The application for conducting the mandatory tender offer on the shares of DenizBank not yet held by the Dexia Group has been approved by the Turkish Capital Markets Board at its meeting dated November 17, 2006.
Dexia Participation Belgique S.A., a subsidiary of Dexia S.A., intends to lauch the mandatory offer on December 4, 2006 and to close the offer period on December 22, 2006.
The mandatory offer price shall be determined as the TRY equivalent of USD10.2444 per share, with a nominal value of TRY1.00, based on the higher of the following exchange rates announced by the Turkish Central Bank: (i) the applicable foreign exchange rate announced on October 17, 2006 and (ii) the applicable foreign exchange rate announced on the last business day prior to the launch of the offer (which is December 1, 2006 if the mandatory tender offer is effectively launched on December 4, 2006).
The Information Note relating to the mandatory tender offer will be published in two Turkish newspapers on the business day immediately preceding the launch date of the mandatory tender offer. On the launch date of the mandatory tender offer, the mandatory offer price shall be published in the same newspapers and shall also be disclosed via the Istanbul Stock Exchange.
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