{"id":488,"date":"2026-02-18T16:19:23","date_gmt":"2026-02-18T16:19:23","guid":{"rendered":"https:\/\/www.europesays.com\/cz\/488\/"},"modified":"2026-02-18T16:19:23","modified_gmt":"2026-02-18T16:19:23","slug":"prevzeti-inpostu-a-stazeni-z-burzy-se-pro-ppf-a-partnery-komplikuje-vadi-cena-za-vykup-akcii","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/cz\/488\/","title":{"rendered":"P\u0159evzet\u00ed InPostu a sta\u017een\u00ed z burzy se pro PPF a partnery komplikuje. Vad\u00ed cena za v\u00fdkup akci\u00ed"},"content":{"rendered":"

Kolem pl\u00e1novan\u00e9ho sta\u017een\u00ed polsk\u00e9ho InPostu z burzy se rozho\u0159\u00edv\u00e1 spor o to, kolik firma skute\u010dn\u011b stoj\u00ed. Proti nab\u00eddce konsorcia, jeho\u017e sou\u010d\u00e1st\u00ed je i \u010desk\u00e1 skupina PPF, se postavila investi\u010dn\u00ed skupina Aberdeen. Ta tvrd\u00ed, \u017ee navr\u017een\u00e1 cena podhodnocuje byznys, kter\u00fd m\u00e1 p\u0159ed sebou je\u0161t\u011b v\u00fdrazn\u00fd r\u016fst, p\u00ed\u0161e agentura Bloomberg<\/a>.\u00a0<\/p>\n

Konsorcium veden\u00e9 fondem Advent International<\/a>, v n\u011bm\u017e figuruj\u00ed tak\u00e9 FedEx, zakladatel InPostu Rafa\u0142 Brzoska a pr\u00e1v\u011b PPF<\/a> jako nejv\u011bt\u0161\u00ed akcion\u00e1\u0159, nab\u00edz\u00ed 15,60 eura za akcii v hotovosti. To znamen\u00e1 ocen\u011bn\u00ed cel\u00e9 firmy na zhruba 7,8 miliardy eur. Podle Aberdeenu ale nejde o f\u00e9rovou nab\u00eddku, sp\u00ed\u0161 o pokus vyu\u017e\u00edt obdob\u00ed, kdy se akcie InPostu obchoduj\u00ed n\u00ed\u017ee ne\u017e v minul\u00fdch letech.<\/p>\n

\"PPF<\/a>PPF na burzovn\u00edm dobrodru\u017estv\u00ed v InPostu slu\u0161n\u011b vyd\u011bl\u00e1. Dr\u017eitel\u00e9 akci\u00ed z prim\u00e1rn\u00edho \u00fapisu ale zapl\u00e1\u010dou<\/a><\/p>\n

Investi\u010dn\u00ed skupina sv\u00e9 v\u00fdhrady sepsala do dopisu p\u0159edsedovi p\u0159edstavenstva Heinovi Pretoriusovi. V n\u011bm mimo jin\u00e9 p\u0159ipom\u00edn\u00e1, \u017ee navrhovan\u00e1 cena je dokonce ni\u017e\u0161\u00ed ne\u017e ta, za kterou InPost vstupoval na burzu v roce 2021. Z\u00e1rove\u0148 zpochyb\u0148uje, zda p\u0159edstavenstvo, kter\u00e9 transakci jednomysln\u011b doporu\u010dilo, skute\u010dn\u011b h\u00e1j\u00ed z\u00e1jmy v\u0161ech akcion\u00e1\u0159\u016f, a ne jen t\u011bch nejsiln\u011bj\u0161\u00edch.<\/p>\n

\u201eJe t\u011b\u017ek\u00e9 to sladit s t\u00edm, co by m\u011blo b\u00fdt v dlouhodob\u00e9m z\u00e1jmu v\u0161ech investor\u016f,\u201c uvedl analytik Aberdeenu Matthew Peacock. Podle n\u011bj by se veden\u00ed firmy m\u011blo k cel\u00e9 v\u011bci vr\u00e1tit a sv\u00e9 rozhodnut\u00ed znovu p\u0159ehodnotit.<\/p>\n

Aberdeen p\u0159itom dr\u017e\u00ed jen zhruba 0,2 procenta akci\u00ed, jeho kritika ale m\u00ed\u0159\u00ed do citliv\u00e9ho m\u00edsta cel\u00e9 transakce: ot\u00e1zky, zda PPF<\/a> a jej\u00ed partne\u0159i nekupuj\u00ed firmu p\u0159\u00edli\u0161 levn\u011b. Nab\u00eddkov\u00e1 cena je sice asi o polovinu vy\u0161\u0161\u00ed ne\u017e kurz ze za\u010d\u00e1tku ledna, tedy je\u0161t\u011b p\u0159edt\u00edm, ne\u017e InPost p\u0159iznal z\u00e1jem o p\u0159evzet\u00ed, po\u0159\u00e1d ale z\u016fst\u00e1v\u00e1 pod \u00farovn\u00ed IPO.<\/p>\n

Akcie InPostu se v pond\u011bl\u00ed v Amsterdamu obchodovaly m\u00edrn\u011b pod nab\u00eddkovou cenou, kolem 15,23 eura, co\u017e odpov\u00edd\u00e1 tr\u017en\u00ed hodnot\u011b firmy zhruba 7,6 miliardy eur. Aby obchod pro\u0161el, mus\u00ed nab\u00eddku p\u0159ijmout alespo\u0148 80 procent akcion\u00e1\u0159\u016f. Podporu u\u017e p\u0159isl\u00edbili investo\u0159i dr\u017e\u00edc\u00ed asi 48 procent akci\u00ed. Mezi nejv\u011bt\u0161\u00ed men\u0161inov\u00e9 akcion\u00e1\u0159e pat\u0159\u00ed nap\u0159\u00edklad norsk\u00e1 Norges Bank, Capital Group nebo singapursk\u00fd st\u00e1tn\u00ed fond GIC.<\/p>\n","protected":false},"excerpt":{"rendered":"Kolem pl\u00e1novan\u00e9ho sta\u017een\u00ed polsk\u00e9ho InPostu z burzy se rozho\u0159\u00edv\u00e1 spor o to, kolik firma skute\u010dn\u011b stoj\u00ed. Proti nab\u00eddce…\n","protected":false},"author":2,"featured_media":489,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[30],"tags":[624,628,412,625,623,629,626,630,622,98,99,627],"class_list":["post-488","post","type-post","status-publish","format-standard","has-post-thumbnail","category-praha","tag-advent","tag-advent-international","tag-akcie","tag-bloomberg","tag-burza","tag-fedex","tag-inpost","tag-norges-bank","tag-ppf-group","tag-prague","tag-praha","tag-rafal-brzoska"],"share_on_mastodon":{"url":"","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/488","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/comments?post=488"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/488\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media\/489"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media?parent=488"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/categories?post=488"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/tags?post=488"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}