German shipping group to buy Cyprus bank

The Central Bank of Cyprus (CBC) approved the acquisition of Universal Savings Bank Pcl (USB) by Schoeller Holdings Ltd and Path Holdings Ltd., the German based shipping groups based in Limassol.

Schoeller and Path expressed their intention to submit a Public Offer to acquire a minimum of 41% of USB’s issued share capital up to a maximum of 50.99%, at a cash consideration of CYP 0.90 cent (EUR 1.56) per share.

Universal Life, through its 61.06% participation in USB’s share capital has committed to the Public Offer terms and its success, as it guarantees an acceptance rate of a minimum of 41% up to a maximum of 50.99%.

The decision by the CBC to approve the shipping group bid means that the efforts by Aspis of Greece to assume control of USB will not succeed.