Deals
Pekao Jumps on Plan to Buy Rabobank’s Unit: Warsaw Mover
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Bank Pekao SA, Poland’s second-largest lender, rose to the highest level in almost three years after UniCredit SpA, its majority owner, announced a plan to buy Rabobank Groep’s Polish unit.
Pekao rose 2.5 percent to 184.5 zloty at close in Warsaw, highest since December 2010. UniCredit, which owns 50.1 percent of Pekao, offered to buy Bank Gospodarki Zywnosciowej SA to expand in the European Union’s biggest eastern market, Chief Executive Officer Federico Ghizzoni said yesterday. BGZ shares surged 11 percent to 71.75 zloty, climbing to the highest since November and valuing the bank at 3.67 billion zloty ($1.19 billion).