Court lets €1.6bn Bawag-PTSB vote go ahead
The Commercial Court has given Permanent TSB permission to convene a shareholder meeting on the proposed €1.6bn sale of the bank to Austrian banking group Bawag. The order was made on Wednesday 13 May 2026 by Mr Justice Mark Sanfey, who granted PTSB's application for entry of the case to the commercial list with directions for convening the meeting.
The ruling allows PTSB to notify shareholders of the meeting, which was scheduled to take place on July 30. That meeting is the forum in which shareholders consider the scheme of arrangement, with the court retaining the final say at any later sanction stage.
Irish Examiner
- Court gives permission for PTSB to hold shareholder meeting over sale to Bawag
The Commercial Court has given the go-ahead for Permanent TSB to convene a meeting of shareholders for the proposed €1.6bn sale of the bank to Austrian banking group Bawag.
Why minority shareholders objected
PTSB shareholder Piotr Skoczylas and two other minority shareholders had asked the court to decide, before the meeting takes place, what the composition of the class of shareholders should be in circumstances where the minister for finance holds 57.5% of PTSB. The minister is supporting the sale of the bank.
Opponents say that unless there are two classes — one comprising the minister and the other the minority shareholders — the minority shareholders would be discouraged from even turning up at the meeting to sanction the deal. That argument for separate classes is the objectors' case, not a finding by the court.