Commercial Bank of Qatar withdraws offer to raise stake in National Bank of Oman

Commercial Bank of Qatar abandoned a plan to build a controlling stake in National Bank of Oman after investors pushed back against what would have been a rare cross-border tie-up in the Gulf.

Qatar’s fourth-biggest lender withdrew an offer to raise its stake in the Omani bank after shareholder acceptance fell short of the 15.2 per cent minimum threshold, according to a statement. Investors representing 7.74 per cent of shares of accepted the offer.

Commercial Bank of Qatar last month had offered QAR49.43m ($128m) to raise its holding to 50.1 per cent from 34.9 per cent. The proposal to acquire 247 million shares represented a 18 per cent premium to NBO’s closing price of June 2.

NBO’s shares closed 1.5 per cent in Muscat on Sunday before Commercial Bank of Qatar announced its plan.