The government and Societe Generale yesterday signed the remaining agreements on the purchase of KB. KB’s board of directors (BoD) is to resign today, and a new BoD will be then appointed by the supervisory board. Monday’s EGM, where Societe Generale will take over as a 60% shareholder, will then approve of these board changes. According to earlier reports, the new BoD will have 5 members (vs. the current 7), and will be composed of three Societe Generale representatives (one will take up the chairmanship) and two current board members (P. Palecka, T. Spurny). Notably, Radovan Vavra, the current BoD chairman and CEO, is not to be included on the new board. Neutral.
(Ondrej Datka)