Government challenges EC over blocking Pekao-BPH merger

Gazeta Wyborcza reports that the government remains steadfast in not allowing the merger, but proposed to the Commission that they meet and discuss the issue. The response, which was sent to Brussels by Deputy Treasury Minister Paweł Szałamacha, does not question the competence of the EU Commission, which had agreed on the global merger of the Italian UniCredito (owner of Pekao) with the German HVB (owner of BPH). This, however, does not exclude the competence of the Polish authorities when it comes to making important decisions concerning the local part of the transaction, that is the merger of Pekao and BPH. (Gazeta Wyborcza, p. 18; Rzeczpospolita, p. B1) A.F.