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Millennium BCP to enter exclusive talks with Fosun on stake sale

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Millennium BCP to enter exclusive talks with Fosun on stake sale

MillenniumBCP's board decided to mandate the executive committee to proceedwith, and to complete with exclusivity, negotiations with regardingthe Chinese group's acquisition of an approximately 16.7% stake in thelender, according to a Sept. 28 announcement.

The Portuguese lender had said Sept. 27 that its board resolved tomake effective Oct. 24 a 1-for-75 reverse stock split following the issue ofgovernment decree allowing it to carry out a reverse split of its shares. Thegrouping of the shares is a condition for a potential deal with Fosun, Macauhubreported Sept. 26.

The consideration that will be paid to shareholders for shares thatdo not allow the attribution of a whole number of shares is 2.57 euro cents pershare in cash.

The FosunInternational Ltd. unit will pay €236 million for the 16.7% stake,according to Macauhub.