PZU, PFR with KNF approval for Pekao takeover

Financial market watchdog KNF has approved the purchase of Pekao by PZU and PFR, which clears the last obstacle to finalize the transaction. The buyers want to finalize the deal in early June, just in time to qualify for the banks’ dividend, set at PLN 8.58 per share. Back in 2016, Polish insurer PZU and Polish Development Fund PFR agreed to buy 32.8 percent of Bank Pekao shares from its owner, Italian UniCredit for PLN 10.6 billion. The remaining UniCredit stake in the second biggest Polish lender (7.3 percent) will be sold on the market via equity-linked certificates.