Exclusive-Fosun open to sale of Portuguese bank stake, sources say

LONDON/LISBON : Fosun Global is originate to selling its remaining stake in Portugal’s Millennium bcp after eliminating some shares earlier this year, two sources aware of the topic suggested Reuters.

The Chinese language conglomerate, which targets to elevate its working capital amid what analysts gape as debt rigidity, has been evaluating choices, equivalent to discovering a strategic buyer for the 20 per cent defending, one in all the sources said, talking on situation of anonymity.

The stake used to be rate around 836 million euros ($910 million) on Monday, in accordance with LSEG data.

European lenders in conjunction with Spain’s BBVA and CaixaBank had been sounded out as doable patrons, the 2d source said.

Nonetheless, CaixaBank has indicated it has minute hobby in buying the stake, that source and a Third one aware of the lender’s thinking said.

Fosun did no longer answer to a request for comment. Millennium bcp, BBVA, and Caixabank declined to comment.

In January, Fosun offered 5.6 per cent of Portugal’s finest listed monetary institution for 235 million euros in a private offering to institutional patrons organized by UBS.

A spokesperson for the Chinese language neighborhood said on the time that it planned to take care of a stake above 20 per cent.

Fosun is mainly the most attention-grabbing single shareholder in Millennium bcp, followed by Angolan notify oil company Sonangol with 19.49 per cent.

Fosun is reviewing other monetary companies investments, the first source said. Fosun has been taken with the sale of its stake in Ageas, Bloomberg reported closing month.

The conglomerate disclosed in a filing closing week that it had entered into a so-called prepaid ahead contract with an funding monetary institution to promote 1.8 per cent of the insurer over time.

Fosun would possibly maybe be studying a that it is seemingly you’ll maybe well maybe take into consideration partial IPO of Portuguese insurance coverage company Fidelidade, potentially for 2025, a spokesperson for Fidelidade suggested Reuters.

($1 = 0.9190 euros)