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Millennium bcp approves higher voting rights cap for Fosun offer
December 19, 2016 / 11:35 AM / a year ago

Millennium bcp approves higher voting rights cap for Fosun offer

LISBON, Dec 19 (Reuters) - 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)

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