“We are not stupid to start working for the second time on a transaction that has no chance of coming out,” said a senior member of the Kellner Group at PPF’s corporate headquarters, commenting on current efforts to merge Air Bank with Moneta.
Two weeks after the meeting, capitalists in Evropská Street are taking another step towards the first part of the big banking business: PPF said in a press release that its company with the ingenious name Tanemo raises the share repurchase limit from the original 20 to 29 percent. The offer of 80 crowns per share published in January ends today.
“So far, everything is going more or less as expected,” reports Oliver Škutil from the London fund Petrus Advisers, which is the loudest opponent of the transaction and according to which 80 crowns per share is inadequate. However, Moneta’s Board of Directors sees the proposed price in line with the interests of the bank and shareholders.
“Our view has not changed, we are waiting for information about the General Meeting as well as the number of shares that PPF will acquire,” adds Škutil. Anything over ten percent is subject to approval by the Czech National Bank, and is skeptical about a possible higher-priced offer.
“We don’t know if they have the money and to what extent it would make sense from their point of view,” says the London fund manager.
At the end of February, Forbes received an opinion from a well-known investor who holds Moneta shares as a natural person. He believes that the PPF group will have to raise the price by 15 to 20 percent for the plan to work. Otherwise, according to him, minority funds will block it on the way.
In the current list of Moneta shareholders, Chase Nominees Limited holds the largest share of 10.5 percent, however, this information is meaningless – we do not know who is really behind the entity, or for whom the shares are being bought. We will have to wait for PPF to continue.
In any case, the business will be broken at the mentioned general meeting. The second part consists of the approval of Moneta’s merger with PPF entities: Air Bank, Czech and Slovak Home Credit and the Zonka platform. This is to be settled by exchange shares.
“With the standard filling of the General Meeting, PPF will have enough one percent of other shareholders to build the aforementioned 29 percent position by repurchase to enforce the share exchange. Which is already done, “a source from the big bank told Forbes.
Forbes describes a colorful game taking place in a potentially huge banking business in current issuewhich is currently on sale.
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