L'eredita' di Espirito Santo, i bond Novo Banco e Gama Life

Novo Banco Shareholders Approve Step for Possible €1 Billion IPO (BBG)

  • Novo Banco SA's shareholders have approved steps necessary for a possible initial public offering (IPO) of the Portuguese lender.
  • The bank's majority owner, Lone Star, is considering an IPO as well as a full sale of Novo Banco, with a potential IPO stake sale of 25-30% and a possible valuation of €5.5-7 billion.
  • Novo Banco has made progress in preparing for an IPO, with a prospectus draft underway and a potential listing in June, following its first profit in 2021 and growth in net interest income.
Lone Star’s Portuguese lender Novo Banco SA attracted two bids from French banking group BPCE and CaixaBank SA of Spain, according to people familiar with the matter.
 
Lone Star’s Portuguese lender Novo Banco SA attracted two bids from French banking group BPCE and CaixaBank SA of Spain, according to people familiar with the matter.
 
U.S. private equity fund Lone Star has decided to sell its 75% stake in Novo Banco to French banking group BPCE in a deal that would value Portugal's fourth-largest lender at around 7 billion euros ($8.14 billion), Portuguese economic news outlet ECO said on Thursday.
ECO said the "decision has been taken" and should be communicated to the market later on Thursday, without citing its sources.

 
U.S. private equity fund Lone Star has decided to sell its 75% stake in Novo Banco to French banking group BPCE in a deal that would value Portugal's fourth-largest lender at around 7 billion euros ($8.14 billion), Portuguese economic news outlet ECO said on Thursday.
ECO said the "decision has been taken" and should be communicated to the market later on Thursday, without citing its sources.

Affare concluso, valutazione 6,4 miliardi di Euro.
 
BPCE Plans to Buy Portugal’s 25% Stake in Novo Banco, CEO Says (BBG)

BPCE aims to buy Portugal’s 25% stake in Novo Banco at the same price the French banking group offered private equity firm Lone Star for its 75% stake in the lender, CEO Nicolas Namias said in a press conference.

  • BPCE CEO says the bank started to engage with Portuguese authorities; discussed Novo Banco deal with the ECB
 
BPCE Plans to Buy Portugal’s 25% Stake in Novo Banco, CEO Says (BBG)

BPCE aims to buy Portugal’s 25% stake in Novo Banco at the same price the French banking group offered private equity firm Lone Star for its 75% stake in the lender, CEO Nicolas Namias said in a press conference.

  • BPCE CEO says the bank started to engage with Portuguese authorities; discussed Novo Banco deal with the ECB
 
BPCE Plans to Buy Portugal’s 25% Stake in Novo Banco, CEO Says (BBG)

BPCE aims to buy Portugal’s 25% stake in Novo Banco at the same price the French banking group offered private equity firm Lone Star for its 75% stake in the lender, CEO Nicolas Namias said in a press conference.

  • BPCE CEO says the bank started to engage with Portuguese authorities; discussed Novo Banco deal with the ECB
In base a un accordo raggiunto a dicembre, il Fondo di Risoluzione e DGTF sono tenuti a cedere la propria partecipazione se Lone Star accetta di cedere oltre il 75% della propria posizione; il fondo americano può attivare la "drag option" in caso di vendita diretta . In tale situazione, i due azionisti pubblici beneficeranno inoltre delle stesse condizioni di vendita di Lone Star, incluso il prezzo pagato dai francesi, attraverso il meccanismo del "tag along" .
Tesoro portoghese e Fondo di risoluzione non avevano alternativa alla cessione del loro 25% ai francesi.
 
In base a un accordo raggiunto a dicembre, il Fondo di Risoluzione e DGTF sono tenuti a cedere la propria partecipazione se Lone Star accetta di cedere oltre il 75% della propria posizione; il fondo americano può attivare la "drag option" in caso di vendita diretta . In tale situazione, i due azionisti pubblici beneficeranno inoltre delle stesse condizioni di vendita di Lone Star, incluso il prezzo pagato dai francesi, attraverso il meccanismo del "tag along" .
Tesoro portoghese e Fondo di risoluzione non avevano alternativa alla cessione del loro 25% ai francesi.
Non seguo da tantissimo tempo…. È rimasta qualche buona obbligazione da acquistare?
Il 20 rimborsano le mitiche Gama Life e non mi dispiacerebbe avere in PTF qualcosa di Novo Banco (ex).
Grazie 🙏
 

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