Dutch insurer Eureko will purchase a stake of 10% in PZU from Bank Millennium for zł.1.6 billion
Published:
5 January 2005 y., Wednesday
Dutch insurer Eureko will purchase a stake of 10% in PZU from Bank Millennium for zł.1.6 billion.
The transaction is due to be completed before the end of this year. The reaction of investors following the decision was rather negative and sent Millennium's share price tumbling by 5.7% to zł.3.3.
"We signed the contract on Tuesday. We will receive payment in two tranches. The first one will be transferred by the end of the year, while the second after the public offer of PZU (planned by the end of May 2005)," said Bank Millennium spokesman Wojciech Kaczorowski. The transaction will be executed only after Eureko receives the green light from the Competition and Consumers Protection Office (UOKiK). Due to the fact that Millennium estimated the value of the stake at zł.1.19 billion in its books, and bought it for zł.1 billion, the selling price is very favorable. "This is the minimum sum on the contract," added Kaczorowski.
Šaltinis:
wbj.pl
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
Motorola, Inc. today reported sales of $7.5 billion in the third quarter of 2008.
more »
The global financial crisis has already battered many European banks. Now it is hitting the EU auto industry, the world’s largest producer of motor vehicles.
more »
The European Commission has approved, under EC Treaty state aid rules, a German rescue package intended to stabilise financial markets by providing capital and guarantees to eligible financial institutions.
more »
A new report by the European Commission has assessed the competitiveness of the European Union in the global economy at the end of a decade of rapid economic change.
more »
Revenue surpasses $15 billion with healthy sales of enterprise software and Xbox 360 consoles.
more »
Airport charges are one of the hidden costs of flying and usually they are passed on from airlines to passengers.
more »
US and European leaders agree to series of summits on world finance.
more »
On Monday MEPs will debate a recovery plan for cod stocks in the North Sea and West Scotland. With over 70% of the world’s fish species already fully exploited or depleted, fisheries faces a crisis.
more »
A new study released by the European Commission today confirms the trend towards more private pension provision in the EU but highlights the need for inclusive coverage and adequate pension levels.
more »
Thursday, October 16, Brussels. President of the Republic of Lithuania Valdas Adamkus attended the second day session of the European Council meeting.
more »