UniCredit Pekao sale suffers in aftermarket
UniCredit this week sold a Z3.7bn ($1.84bn) stake in its Polish subsidiary Bank Pekao in a deal that suffered from a poor aftermarket, closing on Thursday down 2.4% from the offer price. A book that was twice covered at Z155 a share was still comfortably covered at Z156 after the close of the offer on Wednesday afternoon — but a weak close, a delay to the pricing announcement and poor markets on Thursday left the stock vulnerable.
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