Eureko to pay zł.2.3 billion for BM's 10% stake in PZU

The valuation of the stake for Bank Millennium was calculated by JP Morgan, while Eureko asked UBS Investment Bank to do the same calculation. The final figure is the average of both results. "This is not much. But it has to be taken into account that Millennium signed the contract a year ago, and now it was cleared. Moreover, PZU is not yet publicly listed and there is a conflict in its shareholder structure," said Marcin Jabłczyński, CA IB analyst. According to the agreement Eureko will pay zł.700 million for the 10% stake, as the remaining sum of zł.1.6 billion was paid a year earlier. The investment banks' valuations set the price of the insurance giant at zł.23 billion, meanwhile the market value is fluctuating around zł.26 billion. In addition, this year's profits might even push the value to between zł.28-34 billion. (Puls Biznesu, pp. 1, 10; Parkiet, p. 1) A.K.