News Parkiet

Currency markets

Zloty hits new low

against the euro

Poland?s zloty fell to a new low on Thursday. Local banks and money exchange offices (kantors) begun charging their clients over 5 zloty per euro, reflecting weaker outlook for the future. On the interbank market, zloty fell to 4.91 against the euro, driven by large stop-loss order by an unnamed institutional client.

Construction

Bauma soars on news of Ulma?s bid for the company

Spain?s Ulma Construccion has made an offer to buy publicly traded formwork maker Bauma S.A. Warsaw-based Bauma said the Spanish company is offering approximately 9.6 zloty per share, representing 52 percent premium over Wednesday?s closing price of 6.3 zloty. The offer has already received backing of Bauma?s key shareholders representing over 80 percent of outstanding stock.

Bauma?s shares rose 28.6 percent to close at 8.1 zloty on news of friendly takeover.

Equity markets

DGA to list on the Warsaw bourse

DGA Doradztwo Gospodarcze consulting firm announced details of its 15-million zloty IPO scheduled for mid-March. The firm said it would use IPO proceeds to design new software applications and to buy smaller, niche firms. It is already talking with five potential acquisition targets.

Banking

Pekao drops on 4Q results

Shares of Pekao S.A., Poland?s second largest bank fell 3.2 percent yesterday after UniCredit subsidiary said its fourth-quarter income fell by half to 161.3 million zloty. Quarterly earnings per share declined from 1.99 to 0.97 zloty, while earning figures for the full years were up 19 percent to PLN 919 million. Pekao shares plunged 4 zloty to 122.5 zloty after the announcement despite stronger annual results.