Bloomberg News

Millennium Jumps on Speculation BCP May Sell Stake: Warsaw Mover

January 17, 2013

Bank Millennium SA (MIL), the best- performing Polish lender in Warsaw this year, jumped to the highest level in 1 1/2 years on speculation its majority owner, Banco Comercial Portugues SA (BCP), will sell its stake.

The shares rose as much as 7.7 percent and traded up 5.7 percent at 5.05 zloty as of 4:33 p.m. in Warsaw, the highest since August 2011, valuing the bank at 6.11 billion zloty ($2 billion).

BCP is sounding out the market to sell its 65 percent stake in Millennium, Rzeczpospolita newspaper reported on Jan. 14, citing an investment banker it didn’t name. BCP has no plans to sell the Warsaw-based bank, BCP spokesman Erik Burns said in an e-mail on the same day.

“Investors seem to have come to the conclusion there’s some truth in this report,” Dariusz Gorski, an analyst at Bank Zachodni WBK SA, said by phone today.

To contact the reporter on this story: Marta Waldoch in Warsaw at mwaldoch@bloomberg.net

To contact the editor responsible for this story: Frank Connelly at fconnelly@bloomberg.net


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