BNP Paribas bids for BGŻ shares

French banking group BNP Paribas announced a tender offer for all shares in Bank BGŻ at PLN 80.47 apiece, the deal’s broker DM Banku Handlowego said in a recent statement. BNP Paribas wants to buy at least 41.76 million shares in BGŻ, out of the lenders 56.14 million securities. This puts the deal value at between PLN 3.36-4.52 billion. Subscriptions in the tender offer will be open between September 12 and October 17, the statement also said. The buyer said that the deal will be finalized provided that it is approved by the Polish Financial Supervision Authority. It has already been approved by the European Commission. BNP Paribas does not rule out carrying out a mandatory squeeze-out after the tender offer. In early December last year, the French lender signed an agreement to buy 98.5 percent in BGŻ from Dutch Rabobank for PLN 4.2 billion.