Merita-Nordbanken last potential investor in LG Petro

The Scandinavian banking consortium Merita-Nordbanken has become the only remaining potential strategic investor still interested in taking over a 91% stake in Polish-Korean LG Petro Bank. According to Puls Biznesu, LG Petro Bank's current investors had been counting on zl. 1 billion for the stake, at zl. 44.90 per share. However, Merita-Nordbanken is hesitant to enter into the deal due to LG Petro Bank's conflict with telecom company Apexim. The conflict resulted in an arbitration court ordering LG Petro Bank to pay Apexim zl. 25.6 million in punitive damages. Although LG Petro Bank has appealed the decision, they have been forced to create a reserve to cover the fee and will complete this year's operations with only a minimal net profit. According to market insiders, the conflict between LG Petro Bank and Apexim may have a significant impact on the price Merita-Nordbanken is prepared to offer for the stake. (Puls Biznesu, p. 3) M.T.K.