Greek banks Unorthodox

Ever heard of a bid pitched at a 50% discount? Normally, suitors pay hefty premiums to win takeovers. But in the bizarre world of Greek banking, bidders appear to believe they are shopping in the January sales. Cyprus’s Marfin Popular Bank wants to buy rival Bank of Cyprus and Greece’s Piraeus to create a E20bn regional powerhouse - all without paying a premium. Piraeus has gone one step better by bidding for Marfin at half its market price. That isn’t because Piraeus really believes its lowbal...