The Czech National Bank yesterday approved the acquisition of a 60% stake in KB by Societe Generale. This means that another condition for the deal to be completed has been met, and it seems very likely that Societe Generale will take over shareholder rights at KB’s EGM on October 8. The Czech Securities and Exchange Commission has already approved the deal. Also, the HN newspaper quotes a National Property Fund source as saying that Societe Generale will pay the CZK 40 bil. purchase price by the end of this week. This course of events is largely expected, i.e., neutral news for the stock.
(Ondrej Datka)