PZU confirms talks ws. Bank Pekao – The Pulse Of The Business

According to the American newspaper, in the framework of the contractual transaction PZU to pay around 11 billion rubles (2.8 billion DOLLARS) over the approximately 30 percent. shares of Bank Pekao.

UniCredit currently owns 40,10%. shares of Pekao SA.

In July, UniCredit sold in the process ABB approx. 10 percent. of Pekao shares, for approx. 3,3 billion rubles, and this week expired 90-day lock-up on shares of the Bank.

Media reported earlier that the talks ROM with Italian UniCredit on the acquisition of shares of Bank Pekao must be completed before the end of October.

ROM and the Italians confirmed talks

PZU confirmed on Thursday that talks with the Polish Development Fund, to purchase from UniCredit group’s significant stake in Bank Pekao.

Negotiations with UniCredit began on 28 September. Negotiations with the Italian Bank leads the consortium, which is composed of ROM and Russian Development Fund.

“the Supervisory Board of PZU returns at the same time the attention to the fact that the start-up of the above-mentioned negotiations with UniCredit does not mean that the acquisition of shares of Bank Pekao will be implemented. In addition, the bodies of PZU has not yet adopted at this stage a binding decision in the implementation of the potential transaction,” says ROM.

Originally PZU decided to delay the disclosure of information about negotiations with UniCredit, but in relation to media reports about ongoing negotiations decided to disclose it.

“According to the company, delay the provision of the above Information Confidential was justified by the protection of the legitimate interests of society, as transfer it immediately to the public, at that time, would adversely affect the bargaining ROM, and even jeopardize the possibility of implementation of the transaction, in particular, for the potential fluctuations of the shares of Bank Pekao,” – said in the message.

“In the assessment of PZU emerging media reports are immediately required to justify disclosure of this Confidential Information arising from article 17 paragraph 7 of the MAR, i.e. situations when the confidentiality of confidential information last no more guaranteed, and media reports clearly relate to confidential information and, therefore, sufficiently clear to indicate that privacy is no longer ensured,” he added.

After lunch on Saturday the talks also confirmed by the Italians.

“In connection with the media reports we can confirm that the lead with the ROM and the Polish Foundation for the Development of the process of negotiating the sale of the Bank Pekao. However, there is no certainty that these talks will lead to deals or arrangements regarding the conditions under which the transaction may take place”,– is spoken in the message of Unicredit.