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France's BNP offers to buy Poland's BGZ shares at 80.47 zlotys
August 25, 2014 / 4:52 PM / 3 years ago

France's BNP offers to buy Poland's BGZ shares at 80.47 zlotys

WARSAW, Aug 25 (Reuters) - France’s largest listed bank BNP Paribas has offered to buy the shares of its Polish rival BGZ at 80.47 zlotys each as part of its acquisition of BGZ from Dutch Rabobank, a brokerage running the deal said on Monday.

The offer values Poland’s No.11 lender by assets at almost 4.52 billion zlotys ($1.43 billion) - 16 percent above Monday’s closing price, and more than the 4.2 billion purchase tag BNP agreed with Rabobank last year.

The European Commission has already approved the merger, but BNP is awaiting a green light from the Polish watchdog KNF.

Citigroup’s Polish unit, which is coordinating BNP’s offer, said BGZ owners will be able to sell their shares between Sept. 12 and Oct. 17.

BNP wants to buy 100 percent in BGZ and plans to merge it with its small-tier Polish unit.

1 US dollar = 3.1676 Polish zloty Reporting by Adrian Krajewski, editing by David Evans

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