The EGM of Bank Pekao
will vote on the 94.76m share issue to conclude the merger of Bank Pekao
and Bank BP
H – 280. The exchange parity for the merger has been proposed at 3.3 shares of Bank Pekao
for 1 share of Bank BP
H-280. In case when the number of Bank BP
H shares possessed by a shareholder on a securities account and the number 3.3 is not an integer, the number of shares will be rounded down to the nearest integer, and for the non-issued fraction Bank Pekao
will make an additional cash payment set on a basis of the average market price of Bank Pekao
share from the period of 30 days preceding the reference day (which is going to be set).
Our view: We expect this news to have a neutral impact on the stock trading today, as this is in line with previous management announcements.