Goldman Sachs and Deutsche Bank buy 7 pct of Portuguese postal company CTT

17 December 2013

Investment bank Goldman Sachs acquired 4.99 percent of Portuguese postal group CTT – Correios de Portugal and Deutsche Bank acquired 2.04 percent of the company in the recent initial public offering (IPO) of 70 percent of the Portuguese state company, according to a statement filed with Portugal’s stock market regulator, Comissão do Mercado de Valores Mobiliários (CMVM).

In the statement CTT said that Goldman Sachs, with 4.99 percent, was now the international shareholder with the largest stake in the company.

In another statement CTT said that with its 2.04 percent share, Deutsche Bank was now a “qualified shareholder” (stakes of more than 2 percent must be communicated publically).

The Portuguese postal company was floated on the stock exchange on 5th December, following an IPO in which the State privatised 70 percent of the company by selling 105 million shares at a unit price of 5.52 euros.

The IPO was the model chosen by the State to privatise CTT, although the government had received manifestations of interest from several companies with a view to acquiring the entire company.

CTT is one of several state companies being privatised by the current Portuguese government, following the sale of 21.35 percent of power company EDP – Energias de Portugal to China Three Gorges, as well as 40 percent of power grid company Redes Energéticas Nacionais (25 percent to State Grid of China and 15 percent to Oman Oil), the concession of ANA Aeroportos to France’s Vinci and sub-concession of shipyard Estaleiros Navais de Viana do Castelo to Portugal’s Martifer. (macauhub)