According to market speculations, concerning yesterday’s some 1m shares off-session transaction at a price of PLN 222, PLL LOT has placed part of its 2.1% stake in the bank.
Our view: According to recent comments of Ireneusz Dobrowolski, deputy Treasury Minister, following PLL LOT’s AGM approval of asset disposal, PLL LOT should sell its 2.1% stake (3.5m shares) in Bank Pekao as soon as possible. The transaction did not have significant impact on the yesterday’s trading, with Bank Pekao up 1.7%. We expect slightly positive market reaction today.