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| Computer Translations Übersetzungen Traductions Traduzioni
Traducciones Traduções Oversettelse
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| Date |
11/11/1999 |
| Companies
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MUNDIAL CONFIANCA - BANCO SANTANDER CENTRAL HISPANO - |
| Subject
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BSCH given approval to purchase Mundial Confianca |
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The long time impasse between the Portuguese government and the EC may be at an end with the apparent ending of the government's veto on the deal first made in early June. The only condition known at this point is that BSCH must bid for the full 100% of the banks in which they gain a controlling interest of, through Mundial Confianca. This is a requirement of Portuguese law which cannot be bypassed according to the government announcement.
The announcement was made by Joaquim Pina Moura, the Economy and Finance Minster in the new government. He stated he would personally present the details to Mario Monti, the EC competition commissioner. Speculation now centres on the likely breaking up of the Mundial Confianca group.
The dispute followed Antonio Champalimaud selling his 52% stake in Mundial Confianca to BSCH. Mundial is an insurer. Neither BSCH or BCP, who also bid for Mundial have shown any interest in the insurance operations. The other shareholders in Mundial, which include Norwich Union, are mainly interested in insurance and have little interest in the banking offshoots. They have been concerned the insurance operations have been brought to a virtual standstill because of a banking dispute. The other unknown at this point is the legal status, and the relevance of the two bids BCP have made for the group since the original deal between Champalimaud and BSCH was made.
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