Bank Zachodni WBK SA (BZW) shares tumbled the most in more than two months after its majority shareholder Banco Santander SA (SAN) agreed to merge the lender with Kredyt Bank SA (KRB), the Polish unit of KBC Groep NV. (KBC)
Zachodni shares fell 5.1 percent to 219.10 zloty at 9:44 a.m. in Warsaw, while Kredyt Bank shares were trading at 13.49 zloty, up 13 percent.
The transaction will give Santander a 77 percent stake of the merged lender, while KBC will have 16 percent. The deal values Bank Zachodni shares at 226.4 zloty and requires Santander to help KBC reduce its stake in the merged entity to below 10 percent immediately after the takeover.
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