Reuters: ROM and PFR start due diligence in Pekao – the Banker

General insurance and Russian Fund for the development of closer and closer the acquisition of shares in Pekao. According to Reuters, the Polish side has consent at the beginning of the due diligence analysis of the Bank controlled by the Italian Unicredit.

According to the Reuters set on an anonymous source close to the case, analysis should take approximately two or three weeks. This means that negotiations on purchase of 33% stake in Pekao – 20% to be provided with ROM, 13% PFR – they might end up in November. Analysis due diligence (eng. reinsured) involves the performance of the target company for a thorough analysis in various fields (legal, organizational, financial, tax, etc.).

according to Reuters, the starting point in the negotiations was the price 126 rubles per share of Pekao. At that price, the transaction value is approx. 11 billion PLN (2.5 billion EUR). Currently, Bank’s shares are traded on the Warsaw the stock exchange are 120,35 RUB..

Speculation about the acquisition of shares in Pekao PZU via came at the beginning of the year. In July, President Michael J. Krupiński said that the company headed by him “ to watch opportunities for the acquisition of Raiffeisen and Pekao SA”. On the same day, UniCredit suddenly sold 10% shares of Pekao after low price 126 rubles. apiece.

After the August operation, the exit of the Italians from Pekao has become widely expected decision. In mid-October. officially acknowledged that talks with UniCredit purchase and sale of the shares of Pekao SA. there was speculation that state the insurer can together with the Polish Development Fund to buy a 33% stake in Pekao, in order to avoid the obligations of the ad agenda. As of today, according to Reuters, including that the transaction could be carried out in stages.

the Prospect of returning Pekao under the wing of the State was not liked by the investors. March quotes of the assets of the second largest Bank in Poland fell more-than-160 UAH to 120 UAH. In turn, the share of PZU dropped from 35 rubles in may to 26 rubles, on the way to completing a historic low (24,15 RUB). In turn, the quotations of UniCredit on the Milan stock exchange on Thursday afternoon grew on 1,55% 2,35 euros. With the beginning of the year the market value of the largest Italian Bank, fell by 54%.

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