Dutch Eureko sells 12.9% in Poland's biggest insurer PZU for EUR 1.0bn.

By bne IntelliNews November 19, 2010
The Netherlands-based concern Eureko has completed the sale of 11.22mn shares (12.9% of capital) in Poland's biggest insurer PZU via an accelerated bookbuilt offering to institutional investors, at a price of PLN 365 per share (which gives the transaction overall value at around PLN 4097mn, or EUR 1038mn). After the settlement of the transaction, Eureko will no longer hold a significant direct shareholding in PZU, the firm announced. Actually, Eureko's remaining 1,980 shares in PZU is not written into books due to appeal of the shares' previous owners, as PZU explains. Eureko also stressed that under the settlement and divestment agreement of Oct 1, 2009, the Polish state treasury has agreed that, except for the sale of its shares in the PZU's IPO, which took place in May 2010, it will not dispose of any other shares held in PZU in any manner until Jan 1, 2012. The May IPO consisted of 14.9% shares offered by Kappa (a special purpose vehicle owned by Eureko and the state treasury established for the purposes of the offering) and 10.0% belonging directly to Eureko. As the treasury offered another 5.0%, the total stake is 29.9% (25,819,337 shares). Its total value was thus PLN 8,068mn (EUR 2,066mn). The state treasury now holds 45.19% in PZU. ISB, tom

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