According to front page article in Polish daily Parkiet, the EGM of Bank
Pekao (scheduled for April 27) may not pass the resolution concerning the merger of Bank
Pekao with Bank
BPH-280.
According to the daily, Michel Marbot, the CEO of Malma (food producer) and minority shareholder of the bank, will vote against the merger if he doesn’t get a ‘satisfactory explanation on the integration of both banks’ and launch a protest in court.
According to lawyers cited by Parkiet, this could lead the court to suspend the decision taken by the EGM, pending the outcome of the court case.
Our view: It is widely known that Malma and Bank
Pekao are in a long-term disagreement as the company is accusing the bank of causing its bankruptcy. We believe that the news could have a negative trading impact, given the possible future delay of the integration of Bank
Pekao and Bank
BPH-280.