HONG KONG -- HSBC Holdings Ltd. said its holdings of the shares of Midland Bank PLC had reached 91.27% of the total as of Thursday afternoon London time, making the $7 billion takeover of the British bank virtually complete.
Having topped 90%, HSBC could seek compulsory tendering of the remaining shares.
HSBC, the parent of Hongkong and Shanghai Banking Corp., said it had acquired 72.21% of Midland's issued capital. HSBC and its subsidiaries previously held another 19.06%.