UniCredit on course to acquire remaining Pekao stake
The Treasury Ministry signed an appendix to the September contract with UniCredit, majority shareholder of Pekao SA, which envisaged that the Italian investor will be able to purchase the remaining stake of the firm within one year since December 23, 2008.
The price of carrying out this option would correspond to a bourse average from the past six months plus 3 percent, which totals zł.1.6 billion at Thursday prices. Due to the fact of changing the contract, the State will receive a compensation of zł.300 million in line with the signed appendix.
If the State decided to annul the contract it would lose this amount of money, while if the contract was kept the same, in a few months UniCredit would be in a better position. The State might receive an additional bonus if the share price further drops by June 30, 2009.
Sources: Rzeczpospolita, Parkiet (M.M.)
The price of carrying out this option would correspond to a bourse average from the past six months plus 3 percent, which totals zł.1.6 billion at Thursday prices. Due to the fact of changing the contract, the State will receive a compensation of zł.300 million in line with the signed appendix.
If the State decided to annul the contract it would lose this amount of money, while if the contract was kept the same, in a few months UniCredit would be in a better position. The State might receive an additional bonus if the share price further drops by June 30, 2009.
Sources: Rzeczpospolita, Parkiet (M.M.)
