Exec: PBR wants Bayerische to acquire 51% stake

The news has already caused PBR's share value to rise 28.3% to zl. 16.3 yesterday. "The optimal solution for our bank would be if the 51% stake was acquired [by Bayerische]...through buying shares from present shareholders and by taking our new share issue," said PBR president Mieczyslaw Groszek. Bayerische is currently negotiating with PBR's main shareholders, including Powszechny Bank Kredytowy (PBK), which owns a 32.94% stake; the State Treasury with 29.54%; the Agency for Industry Development (ARP) with 15%; and Citibank with 7.33%. Groszek noted that the full purchase process could take up to two years. (Reuters, Parkiet, page 2)