China’s Fosun Group starts talks to buy 16.7% of Portugal’s BCP bank

5 September 2016

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% 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%, Banco Sabadell with 5.07%, Energias de Portugal group with 2.71% and 2.05% owned by Interoceanic group – will be involved in the talks, as the Chinese group plans to evolve to a stake of 30%.

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 21 April), 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%, 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. (macauhub/AO/CN/PT)

MACAUHUB FRENCH