WOOD Flash – mBank: bid or no bid?
UniCredit has issued a statement, announcing the launch of a voluntary exchange offer for Commerzbank shares, aimed at exceeding a 30% stake in the German bank. UniCredit added, in the statement, that its intention is not to achieve a controlling stake. This bid may have material implications for Commerzbank’s subsidiary, mBank. Looking at mBank’s share price performance today, we see that the market is trying to price in a potential mandatory bid for up to a 100% stake in mBank, as the stock is up by more than 6% intraday, while the broader Polish indices are up by less than 1%. We have weighed on all potential scenarios on this front and come to the conclusion that a potential bid for the minority shareholders is less likely than no bid in the near term. However, we cannot exclude this optionality entirely, but we believe that the probability of a bid is low, and depends on legal interpretations.mBank is a provider of comprehensive corporate banking services in Poland. Co. and its subsidiaries make up the mBank Group which is engaged in offering financial services. Co.'s service offering includes a comprehensive financial offer tailored to the needs of corporate clients, Private Banking clients, and retail clients. The business activities of Co. is conducted in the following business segments: Retail Banking and Corporates and Markets.
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.
Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.
We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.
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