Roberto Galea/WBJ

The most eagerly anticipated banking takeover of the year could soon be coming to fruition. Parkiet doesn't name sources, but reports that an insider in the deal predicts the contest between Spanish lender Santander and Poland's largest bank, PKO BP, for a controlling stake in BZ WBK, could be over within seven working days.

Three companies are still vying to buy the stake in BZ WBK from beleaguered Allied Irish Banks, with French BNP Paribas rounding off the list of contenders. On Tuesday, media reports indicated Santander was the front-runner in the bid.

Parkiet also reports that all three interested parties have submitted offers for 66 percent of BZ WBK shares, despite the fact that AIB is selling a 70-percent stake. This is a strategic move, since if any single party were to file an offer for more than 66 percent of the company, they'd need to call for a purchase of all remaining shares of BZ WBK from AIB. If such a summons were to be successful, the transaction would suddenly get some zł.4.5 billion more expensive.

Reports indicate PKO BP may be planning just that, with unnamed sources citing an alleged plan of Poland's largest bank to buy out the remaining BZ WBK shareholders.

On Tuesday shares of PKO BP fell three percent to zł.38 apiece, while BZ WBK shares slipped 0.6 percent to zł.186.4.

Poland AM