Poland Yields In Bank Merger

Law360, New York (April 5, 2006, 12:00 AM EDT) -- In a victory for the European Commission's drive to stamp out economic nationalism, Poland’s government has surrendered in its fight to block Italian lender UniCredit SpA from merging two Polish banks.

The preliminary deal, which will allow UniCredit to combine its local unit Bank Pekao SA with Polish bank BPH SA, could help resolve an ongoing bitter dispute between Poland and the European Commission.

The Commission approved UniCredit’s acquisition of BPH as part of its larger takeover of German-based HVB AG late last year, but the...
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