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Skip Navigation LinksHome :: Markets/asset classes :: Emerging Markets :: Central and Eastern Europe :: UniCredit granted option to buy 3.96% in Bank Pekao SA by end-2009.

Wednesday, September 3, 2008

UniCredit granted option to buy 3.96% in Bank Pekao SA by end-2009.





UniCredit granted option to buy 3.96% in Bank Pekao SA by end-2009. The treasury ministry signed an agreement with UniCredit Italiano concerning an option to sell the treasury’s leftover stake in the country’s biggest Bank Pekao SA, in which UCI now holds 59.28%. Under the deal, the price to be paid will be calculated as the average of the bourse quotation price in the last six months prior to the purchase plus a bonus of 3%. The treasury will have the right to unilaterally dissolve the deal by Dec 22, 2008. The agreement stipulates that the treasury has the put option valid through Jun 30, 2009, while UCI has the call option valid through Dec 23, 2009. In early August, the ministry pledged to sign the option deal in early September. In March the Treasury said that it did not rule out selling its remaining stake in Bank Pekao, representing 3.96% of the lender's capital, to its strategic investor UniCredit Italiano this year. The government's privatisation plan to 2011 prescribes that at the turn of 2008 and 2009 the Treasury Ministry will sell its remaining stakes in four banks -BPH (3.65%), Pekao (3.96%), BZ WBK (1.93%) and Bank Handlowy (2.49%). ISB, tom







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