BCP shareholder Sonangol gets ECB green light to raise stake above 20% - report (translated)
Sonangol, the Angolan state oil group, has received ECB authorisation to raise its stake in BCP [ELI:BCP], the listed Portuguese bank, to above 20%, reported Jornal de Negocios. Sources told the paper that the ECB clearance for Sonangol to raise its 15% holding in BCP came a few days before BCP shareholders voted to uplift a 20% voting cap to 30% as part of Fosun International [HKG:0656] offer to acquire 30% of BCP.
Sonangol could now move to restore its position as BCP's biggest investor by seeking to acquire up to 30% of the Portuguese lender, the sources said. Fosun originally planned to invest up to EUR 500m to buy 30% of BCP and has already acquired a 17% stake for EUR 174m which diluted Sonangol's previous 18% holding, the item said.