Handlowy Drops As Merger Meeting Nears
Investors had to buy Handlowy shares last week to register for the meeting, which will decide the fate of Handlowy's planned merger with fellow corporate bank BRE .
Handlowy shares fell 5.4 percent to 59 zlotys in the morning single price auction system on Monday.
"There is no reason to buy Handlowy shares today because investors would not have a chance to use them to vote at the shareholders' meeting," said a Warsaw-based broker.
"Friday was the last possible day to buy, and only if one was able to jump over numerous bureaucratic hurdles," he added.
Analysts said the state-controlled insurer PZU, which opposes the merger, as well as BRE's strategic investor Commerzbank , were building their stake in Handlowy over the last several weeks.
Analysts expect PZU to muster at least 25 percent of the votes present at the meeting to hault the tie-up supported by Commerzbank and a group of Handlowy's foreign shareholders.
Handlowy shares fell 5.4 percent to 59 zlotys in the morning single price auction system on Monday.
"There is no reason to buy Handlowy shares today because investors would not have a chance to use them to vote at the shareholders' meeting," said a Warsaw-based broker.
"Friday was the last possible day to buy, and only if one was able to jump over numerous bureaucratic hurdles," he added.
Analysts said the state-controlled insurer PZU, which opposes the merger, as well as BRE's strategic investor Commerzbank , were building their stake in Handlowy over the last several weeks.
Analysts expect PZU to muster at least 25 percent of the votes present at the meeting to hault the tie-up supported by Commerzbank and a group of Handlowy's foreign shareholders.
