Ukraine’s Antimonopoly Committee announced yesterday that it had given the go ahead for Commerzbank, Germany’s second largest lender, to purchase a 60%+1 stake in Ukraine’s 13th largest lender, Bank Forum (FORM: BUY) for USD 600 mln. Commerzbank also has the right to purchase another 25%. The deal implies a price per share of USD 8.9, a 10% premium to the current market price. We have upgraded our recommendation to BUY with a USD 10 target. See our report from October 16, for more details