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U.S. private equity firm Lone Star has told the Portuguese government that it is likely to sell a 25-30% stake in Novo Banco via an initial public offering, rather than seek a full sale, Finance Minister Joaquim Miranda Sarmento said on Friday.
Miranda Sarmento said the government had been told by Novo Banco and Lone Star that the U.S. private equity firm wanted to carry out "an IPO of around 25% to 30% of the capital" of the bank.
Miranda Sarmento said the government had been told by Novo Banco and Lone Star that the U.S. private equity firm wanted to carry out "an IPO of around 25% to 30% of the capital" of the bank.