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| Computer Translations Übersetzungen Traductions Traduzioni
Traducciones Traduções Oversettelse
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| Date |
13/10/1999 |
| Companies
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MUNDIAL CONFIANCA - BANCO SANTANDER CENTRAL HISPANO - |
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Portuguese government given 1 week to respond in Mundial affair |
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The Financial Times quotes European Union officials as stating they have sped up the process relating to the case against the Portuguese government for improper interference in the acquisition of the Mundial Confianca group by Banco Santander and Central Hispano.
The article states that Portugal must supply a 'reasoned opinion' by that time. Since the beginning of the matter Portugal has provided two reasons for its interference. First was the contention, hotly denied, the parties had not given notice of the acquisition of a greater than 10% share in the financial group. More recently it has argued that the cross-holding structure proposed would lead to a risk of inadequate management control and therefore argues it has a right to block the merger on prudential grounds. Prudential grounds are the only reason for a government to block a cross border merger within the EU allowed. The largest problem with the latest argument is that by the same reckoning many of the leading banks in Europe would fail this test of prudential management.
Minority shareholders have become increasingly annoyed at the lack of management direction in the group which followed another government move reducing the voting rights of Antonio Champalimaud from 52% to 10%. Champalimaud was the man who negotiated the deal.
* The full story is contained in related items on database *
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