PZU-Pekao takeover deal approved by Ukrainian authorities

Polish insurer PZU along with Polish Development Fund (PFR) received consent of the Antimonopoly Committee of Ukraine to takeover the majority shares in bank Pekao. “The granting of the above-mentioned consent means that one of the conditions precedent for the acquisition of a significant block of shares in the Bank by PZU SA acting in a consortium with PFR from UniCredit has been fulfilled,” PZU said in a market filing. Since both, PZU and Pekao operate on the Ukrainian market, the local antitrust watchdog had to approve the deal. Its Polish counterpart UOKiK has not announced its decision yet.