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| Computer Translations Übersetzungen Traductions Traduzioni
Traducciones Traduções Oversettelse
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| Date |
13/07/1999 |
| Companies
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MUNDIAL CONFIANCA - BANCO SANTANDER CENTRAL HISPANO - |
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Portuguese Government : new stop to BSCH & Mundial Confianca deal. |
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The Portuguese government has intervened again in the attempted friendly link up between the Portuguese Insurer Mundial Confianca and Banco Santander and Central Hispano. This is despite the interest being shown by the European Commission in the case, as one of potential discrimination against another EU member country organisation.
In the latest move the government has reduced the voting rights of Portuguese millionaire Antonio Champalimaud and BSCH from 52% to 10% in Mundial Confianca. This naturally prevents them from agreeing the merger deal. It also prevents them from challenging a rival bid for Mundial Confianca from Banco Comercial Portugues.
The Portuguese Government is continuing to state that the failure of the organisations to get prior approval of a change in possession of more than 10% of a Portuguese insurer was an illegal act therefore justifying their actions. Of interest to the Portuguese government is not the insurer but the fact the insurer has a controlling stake in three Portuguese banks.
Since Portugal and Spain joined the EU and the Euro there has been increasing co-operation between the two countries. This case is starting to strain relations however. Ten days ago Rodrigo Rato, Spanish Finance Minister called for intervention by the European Commission if there was not a swift resolution. One of the things that has apparently angered Portuguese authorities was that both Champalimaud and BSCH appealed to the Commission after the first government intervention.
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