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Home›Forum›Fosun Group starts talks to buy 16.7 percent of BCP bank

Fosun Group starts talks to buy 16.7 percent of BCP bank

By -
Tuesday, September 6, 2016
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The board of Portuguese bank Banco Comercial Portuguese (BCP) will start talks with Chinese group Fosun that in July proposed the immediate purchase of 16.7 percent of the bank through an issue of reserved shares, reported Portuguese newspaper Diário Económico.
The newspaper also wrote that the major shareholders of BCP – Sonangol with 17.84 percent, Banco Sabadell with 5.07 percent, Energias de Portugal group with 2.71 percent and 2.05 percent owned by Interoceanic group – will be involved in the talks, as the Chinese group plans to evolve to a stake of 30 percent.
The involvement of shareholders in the negotiations is also justified by the fact that Fosun’s proposal involves a capital increase of 236 million euros, reserved for a new shareholder (as approved at the General Meeting of April 21), which would lead to dilution of the shareholders’ respective positions.
Although the proposal for a capital increase through a new investor with a stake of up to 20 percent, with suppression of preferential rights of shareholders was approved at the April General Meeting, the board of BCP wants to keep the strategic shareholders involved in the process, the newspaper said.  MDT/Macauhub

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