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The Warsaw Voice » Business » March 7, 2018
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Warsaw Stock Exchange joins the race for Tel Aviv bourse
March 7, 2018   
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Warsaw Stock Exchange (WSE) operator GPW together with the Polish Development Fund (PFR) submitted a preliminary non-binding offer to buy a 71.7% stake in the Tel Aviv stock exchange, GPW said on Tuesday afternoon, confirming earlier press reports.

"At this stage [the offer] does not obligate any of the parties to start negotiations," the company said. "If the offer is accepted by TASE [Tel Aviv Stock Exchange], GPW, PFR and TASE may, in the next stage, enter into further talks and negotiations."
The company filed the offer on February 28 and decided to disclose the information following media speculation on the topic, GPW said.
On Tuesday morning,the daily Rzeczpospolita and Parkiet paper wrote, based on own findings, about GPW's plans as to the purchase of a stake in the Tel Aviv bourse, putting the value of the deal at PLN 490 million at the least.
GPW stands some chances of winning the race, even though it will be running against 9 other players including London, Toronto or Singapore bourses, Parkiet claims. A potential takeover could mean appearance of new Israeli investors in Poland, the paper speculates.
GPW "is open to any options fitting the group's development plans," the firm commented.
The potential merger or takeover would make little sense in the opinion of consultancy PwC deputy CEO Jacek Socha who sees finding a strategic investor for GPW as the preferred option for further expansion.
"We do not see much sense in such investment, states Łukasz Jańczak, IPOPEMA financial group analyst. "Potential room for cooperation and possible synergies are in our view limited, while scale of transaction would be substantial. We also think that other larger bidders have both financial and technological advantage and can offer more both in terms of the price and technology".
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