Axis Capital seeks delay in Bawag's Permanent TSB takeover

Axis Capital intends to request a delay of up to six weeks from the Irish High Court regarding the takeover of Permanent TSB Group (PTSB) by Bawag. The court hearing, originally scheduled for October 27, is a key procedural step in the acquisition process.

Axis Capital is seeking additional time to potentially prepare a competing bid for PTSB. While Bawag and Permanent TSB reached an agreement on takeover terms in April and received shareholder approval in July, Axis has expressed interest in making a higher offer. Axis has also reportedly submitted documentation to address concerns regarding the financing of such a potential bid.

The takeover remains subject to regulatory approvals and the decision of the Irish High Court. Axis Capital has emphasized its view of Permanent TSB as an Irish platform for growth rather than an asset to be integrated into a foreign corporation.