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Treasury to raise PLN 800m as Rabobank takes full control over BGZ


2012-07-31



The Ministry of the Treasury on 30 July announced that it has approved a tender offer from Rabobank, the global banking group, for its remaining stake in BGZ, the leading bank in Poland focused on serving the agriculture sector. The decision means that Rabobank’s bid for all BGZ shares that it does not already own, launched in April, will succeed, giving the Netherlands-based group an absolute controlling stake in the Polish bank, up from about 60% previously.

Rabobank’s offered price is PLN 72.5 (approx. €17.6) per share, valuing the Treasury’s remaining holding in BGZ at nearly PLN 798m (€193m). BGZ is among companies which the Treasury aims to exit by the end of 2013, under a two-year privatisation programme approved earlier this year and expected to fetch PLN 15bn (€3.6bn).

According to Rabobank, an increase in its stake will further enable BGZ to strengthen its existing strategy in servicing clients in the food and agriculture sectors and retail banking in Poland. The bank will maintain its presence on the Warsaw Stock Exchange.



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