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FINANCIALS: Fosun Selling More Assets: Highlights Potential In BCP Stake

FINANCIALS

Highly tangential but Fosun has made another asset sale, highlighting how rapidly it’s trying to sell down its portfolio, including its stake in BCP (BCPPL: Baa2/BBB- pos) in Portugal. Any bid for BCP would be credit positive, in our view.

  • Polish press (Puls Biznesu) is reporting that local travel platform, eSky, is buying the Thomas Cook brand from Fosun for an undisclosed price.
  • Fosun’s ownership of 20% of BCP in Portugal has been the subject of speculation already and this news highlights the pace of change at Fosun right now. Caixabank is the only reported interested party in BCP, in the near term, in our view, but any bid could be credit positive for BCP.
  • Another 20% of BCP is owned by Sonangol (Angolan state oil enterprise). Angola indicated (17-Jul) that it remains “very happy” with its stake, but speculation remains that it may also sell to facilitate any takeover.
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