Germany's Bayerische wants 51% stake of PBR

Trade in PBR stock was suspended yesterday due to the Bayerische motion. "The purchase of such a big stake of our bank by the German bank will solve PBR's capital problems and will enable us to operate more efficiently as an investment bank," said PBR spokeswoman Maria Kowalska. Powszechny Bank Kredytowy (PBK) holds a 32.9% stake in PBR, and according to unofficial Rzeczpospolita sources, PBK is likely to sell most of its PBR shares. Also, Citibank is expected to sell part of its PBR portfolio to Bayerische. (Rzeczpospolita, page 11, Parkiet, page 1)