Poland’s minister of finance Paweł Szałamacha has confirmed that the country’s government is interested in taking over Pekao bank through the Polish state-run insurer PZU. However, he insists the asking price for the lender would have to be “fair” and denied speculation that a hostile takeover could be in the works. Media outlets have speculated that while it could hurt business, UniCredit is being forced to sell off Pekao in effort to strengthen its balance sheet.
“We would see such a transaction as an opportunity, once closed, but we do not want to force anyone to conduct the deal at any [unsatisfactory] price… including a premium for taking over the bank,” Szałamacha told Reuters during a recent forum in Italy.
Speculation over a possible Polish exit by the Italian UniCredit began earlier this year when it sold off a 10-percent stake in Pekao bank for €750m (PLN 3.3bn). Before the deal had closed, media outlets were reporting that UniCredit was looking for a buyer for its remaining 40-percent stake in Pekao.
Last week, citing undisclosed sources, the Financial Times reported that UniCredit and Poland’s state-owned PZU are keen to seal the deal by the end of October, with the price for the remaining shares in Pekao oscillating between €3bn and €3.5bn.
