UniCreditio grapples with its dilemma concerning BPH

After a successful call for shares in HVB, UniCredito indirectly owns a 71.03% stake in BPH and over the next 12 months it was not planning to change this figure unless obliged by regulations. According to the law, after exceeding the threshold of 66% ownership in another company the buyer must make a call for remaining shares. However, UniCredito could also simply reduce its stake to below the 66% threshold and apparently this scenario is also being considered, but the bank refused to comment on its plans. Another potential solution to this problem might be related to swapping shares in BPH with stock in UniCredito. According to Parkiet, the bank is discussing the issue of BPH with the Securities and Stock Exchange Commission (KPWiG). For the time being however, the Italian bank is not allowed to execute its rights stemming from owning shares in BPH. (Parkiet, p. 1) M.M.