Poland's PZU and Pekao Announce Potential $27 Billion Tie-Up, Creating a National Champion.

Polish state-controlled insurer PZU plans to merge with lender Pekao, potentially creating a financial group with a combined market value of over $26.9 billion. The deal, pending regulatory and shareholder approvals, would rank as the biggest financial M&A transaction in Europe in over a year. PZU and Pekao already have a relationship, with PZU owning 20% of Pekao. The Polish government welcomed the potential deal, calling it a "gigantic opportunity" for both companies and Poland.