According to Polish daily Puls Biznesu, PLL LOT (Polish airlines) has decided to sell its 2.1% stake in Bank Pekao (3.5m shares). Shareholders will decide on the how the shares will be sold at the AGM to be held on November 7. No source was cited by the daily.
Our view: Though, over the summer, Krzysztof Kapis, the CEO of PLL LOT stated that the company had no intention to dispose of its shares in Bank Pekao, the market has speculated for some time that the stake would be sold. We would expect the news to have a slightly negative impact on the stock price today.