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Reuters

The sale of Portugal's Novo Banco is likely to end with a duel between two Chinese bidders, which have both presented offers of just over €4 billion (HK$34 billion), and could lead to a fourth stage involving direct talks, sources said.
Novo Banco is the successor to Banco Espirito Santo, which nearly collapsed under the weight of the debts of its founding family and had to be rescued in a €4.9 billion operation in August last year.
Anbang Insurance Group and Fosun International both presented bids just over €4 billion in April, far higher than offers from the three other contenders: Spain's Santander and American funds Apollo and Cerberus.
"The non-binding offers by Fosun and Anbang were around €4 billion, but above all there is a big gap with the three other offers," said one source in the financial sector.
Portugal's central bank received the five non-binding offers in April and is awaiting binding offers by a June 30 deadline.
The central bank, Novo Banco, Fosun and Anbang all declined comment.
Another source said the Chinese had made the highest bids because there were few similar available assets in Europe. Novo Banco is Portugal's third-largest bank with assets of €65 billion.
The financial sector source said that apart from the price, the winner would be chosen on the basis of its business plan, impact on competition, maintaining stability in the financial sector and social costs.
"If the final offers are very close, there is the possibility that there will be a fourth phase of direct negotiations to analyse and evaluate the offers," the source said.


Anbang and Fosun top bidders for Novo Banco

Novo Banco was created from Banco Espirito Santo after its collapse. Photo: AFP

Business

Companies

The sale of Portugal's Novo Banco is likely to end with a duel between two Chinese bidders, which have both presented offers of just over €4 billion (HK$34 billion), and could lead to a fourth stage involving direct talks, sources said.
