Dutch banking giant Rabobank has announced a public tender to buy all outstanding shares in Bank Gospodarki Żywnosciowej (BGŻ), in which it already holds a 60 percent stake.

"Rabobank intends to obtain 100 percent of the shares in BGŻ," bank spokesperson Milou Verhaegh told AFP.

Rabobank called for the sale of shares representing 40.02 percent of BGŻ's share capital. According to DM PKO BP, an intermediary in the call, it offered zł.72.50 per share which works out at zł.1.25 billion in total, Reuters reported.

The tender, which was launched after the Warsaw Stock Exchange closed on Wednesday, valued the company well above BGŻ's closing price of zł.46.96.

The beginning of the subscription order acceptance period is May 2, 2012 and will in principal last up to and including May 31, 2012, Rabobank said in a statement.

Poland's Treasury holds a 25.51 percent stake in BGŻ, which at the offered price would net the ministry around zł.800 million.

“The Treasury Ministry will look into the tender for BGŻ shares, which was announced by Rabobank International Holding, together with its parent company,” Treasury Ministry spokesperson Magdalena Kobos, told PAP. “It is an interesting offer, and we will certainly look into it,” she added.

On Thursday, BGŻ stock leaped by up to 51.94 percent in intraday trading to zł.71.35.
 

Poland A.M.