AIB rises as M&T stake to raise €900m
Allied Irish Banks rose 1.1pc in Dublin trading after the lender said it expects to generate about €900m of capital from the sale of its 22.4pc stake in US lender M&T.
The lender said in the early hours of this morning that the proceeds from the stake disposal will be about $2bn (€1.4bn).
AIB priced the offering of 26.7 million notes in M&T at $77.50 each, it said in a statement.
The notes will be exchanged for shares in the US bank by November 15, subject to approval from AIB shareholders at an extraordinary general meeting on November 1, it added.
The stock rose 0.5 cent to 45 cents at 8:03am local time.