 |
| Home page / Log-in |
|---|
|
| Information on Banks |
|---|
|
|
| Information on Insurers |
|
| Information on Markets |
|
| Sig Biz Info Services |
|
| Search for Information |
|
| Computer Translations Übersetzungen Traductions Traduzioni
Traducciones Traduções Oversettelse
|
|
|
|
|
 |
|
|
| Date |
15/11/1999 |
| Companies
|
MUNDIAL CONFIANCA - BANCO SANTANDER CENTRAL HISPANO - |
| Subject
|
BSCH / Mundial : Portuguese proposals to EU. |
| |
| |
The details were released of the Portuguese proposals, which many seem to be assuming is a 'done deal'. Under the proposals BSCH gains two of the smaller banks, Banco Totta e Acores and Credito Predial Portugues. It does not get the main prize, of Banco Pinto e Sotto Mayor nor Banco Chemical Finance. It also does not get the insurer, which also acted as the holding company, Mundial Confianca. The two latter banks are effectively nationalised through the purchase by the state owned Caixa Geral de Depositos, though Portuguese authorities dispute this term.
Under the complex terms all of the assets within Mundial Confianca will be first sold to Caixa Geral de Depositos who will then on-sell the bits earmarked for BSCH. Minority shareholders of all parts will be offered buy out terms. The first stage, the definition of which is not entirely clear, is due to be completed by June 2000. The price to be paid by BSCH varies according to source, however it would appear to be a total of between E1.75bn and E2bn, in cash and paper. Though not stated explicitly it is assumed the BCP latest bid for the Mundial group will be allowed to lapse in order for the settlement to go ahead.
Assuming the Portuguese government have somehow gained both Champalimaud and BSCH agreement to the proposal and the latter two parties withdraw their objections it may be difficult for the EC to act. The deal would certainly seem to have gained the government 90% of the protectionist victory it was seeking. Minority shareholders in Mundial Confianca, the insurer, whom no one seemed to want, will no doubt be pleased to be offered a price to get out.
* related items on database *
|
| Copyright SigBizInfo Limited © 1999. All rights are reserved. Unauthorised redistribution is Illegal. |
Get up to date information! The information on this web site for banking and insurance market information has not been updated since January 2002. The creators of futurevantage & SigBizInfo are now working with the Newslink team.
If you want newer information then for insurance go to: insurance newslink.
Soon there will also be a banking newslink service as well.
Go to banking newslink for the latest information on this new service. |
 |
 |
 |
 |
 |
| ©Copyright SigBizInfo Limited |
|
Deutsche 
Espanol
Francais
Norsk
Portuguese