According to a Bank Pekao statement, the Circuit Court has dismissed a minority shareholder claim regarding the cancellation of the resolution on the merger of Bank Pekao and Bank BPH. The minority shareholder can appeal the courts decision within 7 days. No details have been revealed regarding the identity of the plaintiff but, according to prior press speculation, Michel Marbot, the CEO of Malma (bankrupt noodle producer), has sued the bank. The food producer has claimed that the resolution lacks, among other items, a final date for the merger of the two banks.
We believe that the news is positive for Bank Pekao and Bank BPH as the court decision is a further step towards the completion of the merger process. We expect a slightly positive trading impact on the stock price (of both banks) today.