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EC approves sale of Novo Banco to Lone Star

The European Commission has today approved the sale of Portuguese bank Novo Banco to American private equity firm Lone Star under the EC Merger Regulation.

in News · 10 Jul 2017, 16:15 · 2 Comments

But the process still requires separate consent under state aid rules. The commission announced today that the sale of the Portuguese bank to the US fund does not give rise to concerns about mergers, as the companies have no overlapping business activities in Portugal.

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Comments

Thie hardly unexpected news follows hard on the heels of the report pubçished by Jewish Business News that Lone Star is one of three private equity predators who have been invited to make bida of arounf $5.7 billion for a 51% stake in the $34 billion Banco Santander real estate portfolio which consists of many "troubled and non-performing assets" which Samtander bought from Banco Popular for €o1.00 and then pumped in €7 billion in attempt to salvage some of the disaster . If Lone Star are successful it will add another Iberian capture to its increasing portfolio with the potential of a huge profit on an eventual sale and a huge loss to shareholders and bank pensioners. Well done asset-stripper John Grayken !!

By Robert Knight from Other on 10 Jul 2017, 16:39

But I was the first yesterday !!

By Robert Knight from Other on 11 Jul 2017, 07:43