LISBON Dec 19 Shareholders in Portugal's
largest listed bank, Millennium bcp, approved on Monday an
increase of the voting rights cap to 30 percent, as demanded by
China's Fosun which last month bought a large stake in the
lender and is set to expand its holding.
A spokeswoman for the bank said the proposal was approved by
99.7 percent of the votes cast at a general meeting.
Fosun Group, China's biggest private conglomerate, in July
offered to buy a 16.7 percent stake in Millennium bcp with a
possible further increase of the stake to up to 30 percent.
It bought the 16.7 percent stake last month for 175 million
euros via a reserved capital increase and confirmed its
intention of raising that stake.
Fosun had set the increase in the voting rights limit to 30
percent as a key condition of its offer.
Chinese companies have been actively buying assets, from
infrastructure to insurance and banking, in Portugal since its
2010-13 debt crisis.
Fosun already owns the country's leading insurer Fidelidade
and the largest private healthcare provider Luz Saude.
(Reporting By Sergio Goncalves, writing by Andrei Khalip)