PKO Leasing SA acquired a 94.4% stake in Polish vehicle fleet operator Prime Car Management SA during the first phase of a tender launched for all shares of the company, exceeding the 66% subscription rate needed for the tender to be valid, PAP reported May 24.

PKO offered a price of 23.75 zlotys for one PCM share during the first phase of the tender, lowering it to 20.0 zlotys apiece for the second phase, which runs from May 23 to June 1.

The current tender, launched in April, is PKO Leasing's second attempt to secure a controlling stake in PCM. PKO Bank Polski SA's leasing unit launched an offer to acquire PCM in November 2018 but withdrew after failing to secure the minimum stake required to go ahead with the purchase.

As of May 23, US$1 was equivalent to 3.85 Polish zlotys.