News Parkiet

Banking

UniCredito to list in Warsaw

Shares of UniCredito Italiano will be listed on the Warsaw Stock Exchange as part of a friendly takeover of Germany's HVB Group, the company said in a statement released over the weekend. Two future UniCredito companies, Bank Austria Creditanstalt and Kraków-based lender Bank BPH are already listed on the Warsaw bourse, while UniCredito's own Pekao SA is part of WSE's blue-chip WIG20 index. The Italian bank said it would offer 33.13 newly issued shares for each existing share of Bank BPH now held by minority shareholders, but not all investors may be willing to take up that offer. UniCredito also said it is offering 123.58 euros in cash, a 13 percent discount to BPH's closing price of 570 zloty to those unwilling to participate in the stock swap.

Building materials

Decora IPO successful

Building materials manufacturer Decora SA said it has raised about 22.5 million zloty in a heavily oversubscribed IPO that ended last week. The company, which makes skirting boards and related accessories, sold one million new shares priced at 22.5 zloty each. Its founders sold an additional 1.75 million shares, also priced at 22.5 zloty. The offering was ten times oversubscribed by institutional shareholders, Decora said, while retail investors ordered five times the number of shares available.

Clothing

Redan margins improve

Łódź-based clothing retailer Redan SA has published a report showing month-by-month increase of its gross margins. Sales margins reached as much as 59 percent in May at Redan's flagship Top Secret casual clothing stores from a low of -5 percent in January, when the company sold off its fall and winter collection below cost. Redan lost 4.5 million zloty in the three months to April.

Publicly traded firm said it had 185 retail outlets at the end of May boasting total store space of some 35 700 square meters.