Portuguese government faces two actions for blocking BSCH / Mundial Confianca merger
The European Commission & the European Union Executive have both rejected the explanation of the Portuguese Government for blocking the BSCH / Mundial Confianca merger and ordered it to allow the merger to take place.
The European Commission is involved under the Merger & Acquisition rules and is the first time the powers have been used to stop a member state from blocking a merger. Separately the EU Executive is involved because the third insurance directive which allows for the free movement of capital and freedom of establishment is deemed to have been broken.
It is understood the Portuguese government is allowed one week to appeal the EC decision and one month to appeal the EU Executive decision.
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