FT: PZU negotiates with UniCredit on the price of 40.1% stake in Pekao

"Poland’s PZU is confident about reaching a deal to acquire UniCredit’s Polish lender Bank Pekao by the end of October after talks between the two companies’ managements," the Financial Times reported, citing three people familiar with the matter. According to the newspaper, PZU and the PFR fund aims to buy a 40.1 percent stake in Pekao for a below-market €3 billion, while its owner UniCredit has offered the acquisition for the price of €3.5 billion. On August 24, Deputy Prime Minister Mateusz Morawiecki proclaimed that Poland is not conducting any negotiations with UniCredit regarding the acquisition of its Polish unit, and any potential deal must be done on market terms. On the Warsaw Stock Exchange, UniCredit's 40.1 percent stake in Pekao is worth about €3.1 billion.