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BNP-Ageas Deal Puts Focus On BCP Stake Sale Next; Positive For BCP
A corollary of the BNP purchase of Fosun’s stake in Ageas is that BCP’s sale process comes back into focus, we feel. This should be spread positive for the Portuguese bank, in our view. (656 HK)(BCP PL)
- Fosun owns 20% of BCP in Portugal and reports around a sale of this emerged around a month ago. Fosun has enough short-term liquidity, acc to BBG, such that this is far from a fire sale plus today’s sale of its stake in Ageas gives it more room to negotiate, we feel.
- Caixabank and BBVA are seen as bidders for the BCP stake (Santander is already a top 3 bank in Portugal so a less likely bidder) and the bank coming under control of a larger peer would likely be spread positive.
- Sonangol, the Angolan state oil company owns c.19.5% in BCP, too so a deal would require assent here but, reportedly, pressure is being applied to this non-strategic owner to be open to consolidation.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.