By Wojciech Kosc in Warsaw The European Commission approved the takeover of Poland’s VeloBank by funds managed by Cerberus Capital Management and its affiliates, the Commission said on June 17. Poland’s BFG Bank – a special entity set up to help stabilise the market and which controlled VeloBank, created in the wake of restructuring Getin Noble Bank – said in April that a subsidiary of Cerberus Capital Management had signed a preliminary agreement to acquire 100% of VeloBank’s shares for PLN 1.08bn (€250mn). The offer included PLN375mn for the purchase of shares and PLN700mn for recapitalizati…