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6 months ago
Fosun raises stake in Portugal's BCP to 24 pct in capital increase
February 7, 2017 / 7:46 PM / 6 months ago

Fosun raises stake in Portugal's BCP to 24 pct in capital increase

LISBON, Feb 7 (Reuters) - China's largest private conglomerate Fosun raised its stake in Portugal's largest listed bank Millennium bcp to 23.92 percent as a result of the lender's 1.33 billion euro ($1.42 billion) rights issue, the bank said on Tuesday.

Fosun bought an initial 16.7 percent stake in BCP in November for 175 million euros.

It subscribed to last month's capital increase to raise its stake to up to 30 percent, but fell short of that mark after demand exceeded shares on offer by 23 percent.

BCP's second-largest shareholder, Angola's state-owned oil company Sonangol, raised its stake slightly to 15.24 percent from 14.87 percent in the rights issue even though it had received authorisation from the European Central Bank to raise its stake to 30 percent.

After soaring to one-month highs on Monday, BCP shares plunged nearly 10 percent on Tuesday on profit-taking and as new new shares were due to start trading later this week.

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. ($1 = 0.9355 euros) (Reporting by Andrei Khalip; Editing by Adrian Croft)

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