Philippine National Bank
yap.. flag nga.. but what worries me.. hindi ba mdyo sobra na ung conso nya boss silver??.. just like what happened last april to october kaya im more cautious..
when GOD steps in, MIRACLE happens.....

It's more fun in FOREX!!!

PNB to buy Allied for about P22B in shares
by Coco Alcuaz, ANC
Posted at 12/16/2011 5:22 PM | Updated as of 12/16/2011 5:45 PM

MANILA, Philippines - Philippine National Bank (PNB) and Allied Banking Corp., both controlled by tycoon Lucio Tan, have announced the final terms of a merger they have been planning for years.

PNB, the country's fifth largest bank by assets, will issue 130 of its shares for each common share of Allied, which are not listed. PNB will issue 22.763 shares for every Allied Bank preferred share, the banks said in statements to the stock exchange.

At Friday's closing price of P52, PNB will be paying about P22 billion for Allied's 3.25 million common shares and 50,000 preferred shares.

Tan founded Allied, now the country's 13th largest lender, in 1977. He bought PNB in 2000 but his stake was reduced in 2002 when the government converted emergency loans into equity. He regained majority when he won the bidding for the government's stake in 2005.

Plans to merge the two lenders have been held up by the US Federal Reserve, which required Allied to sell a California subsidiary. The Fed in October agreed to let the merger go through if Allied put the unit in escrow until a sale can be done.

The merger should be completed by the first half of next year, the banks said.
"“You can’t cross a sea by merely staring into the water.” -Rabindranath Tagore
From manila bulletin

PNB, Allied bank merger finalized
Respective boards approve amended plan
December 16, 2011, 11:52pm

MANILA, Philippines — The amended plan of merger of Philippine National Bank and Allied Banking Corporation has been approved by their respective board of directors.

In disclosures to the Philippine Stock Exchange, the banks said ING Bank NV, financial adviser to the Lucio Tan Group of companies, have prepared a proposal recommending a share swap ratio between PNB and Allied Bank to approximate the relative contribution of both banks to the merger bank.

Under the amended plan, 130 PNB common shares will be issued for each Allied Bank common share while 22.763 PNB common shares will be exchanged for each Allied Bank preferred share.

They said the exchange ratio for the Allied Bank preferred shares was calculated based on the conversion ratio of these into Allied Bank common shares. Based on the book value of the common shares, each preferred share is equivalent to 0.1751 common share.

The PNB common shares to be issued will be taken from PNB’s authorized but unissued capital stock at a price of P70.00 per share and listed with the PSE. PNB said it will be issuing a total of 423.96 million new common shares for the merger.

Last 2008, the approved exchange ratio was 140 PNB shares for each Allied Bank common share and 30.73 PNB shares for each Allied Bank preferred share with the issue price at P55.00 per PNB common share.

The effectivity of the merger will be subject to the approval of the Bangko Sentral ng Pilipinas, the Securities and Exchange Commission and the Philippine Deposit and Insurance Corporation.

Once merged, PNB will be the surviving bank while Allied Bank will cease to exist.

The PNB was established as a government-owned banking institution on July 22, 1916.

The privatization of the bank started when 30 percent of its outstanding stocks was offered to the public and its stocks were listed in the stock exchange in 1989.

With its successful exit from the government’s rehabilitation program and the strong income performance, PNB has demonstrated its ability to sustain its heightened competitiveness based on the three tenets of reducing non performing assets, strengthening core businesses and increasing profitability.

The bank remains as one of the largest banks in the country with a wide array of competitive banking products to answer for the diverse needs of its huge clientele including more than 2 million depositors.

PNB maintains its leadership in the overseas remittance business with remittance centers in the United States, Canada, England, Spain, the Netherlands, France, Germany, Austria, Italy, Hong Kong, Japan, Singapore, Malaysia and the Middle East countries.

P70 per share wohoo! I hope the market concurs on monday!
The World is a Vampire . . .
ano kaya mangyari nito?
The World is a Vampire . . .
Uy matutupad ata ung bulong na hype na tp ni uncle! Hehe
How much was the last trade price of Allied Bank?

Jackpot 'to pag nagkataon.
"stop going for the easy buck and produce something with your life. Create, instead of living off the buying and selling of others..." - Wall Street (1987)
masaya c arthas dito..
when GOD steps in, MIRACLE happens.....

It's more fun in FOREX!!!

...kulang pa daw vester Big Grin

70, 70, 70, 70... hehehehe
Share ko lang 2 cents ko on PNB.

PNB looks strong... kaso nakakatakot lang at these levels...

It looks like it has convincingly broken out from its bearish long-term descending triangle pattern..its medium-term sideways range (from mid Oct 2011 to December) and recently its major resistance at P60.00..

the stock still has gas to go up.. pero shempre mas risky na pumasok ngayon.. if ever I go now in baka tratrade ko lang ang range ng uptrend niya... might hold longer if stock continues to be strong.

For long-term though okay ito.. undervalued siya based on our research...

[Image: pnb11012.png]

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