Sonangol to sell EUR 1.7bn Galp stake, EUR 740m BCP holding (translated)
19 NOV 2018
Sonangol, the Angolan state energy group, plans to offload its indirect stakes in Galp Energia [ELI:GALP] worth over EUR 1.7bn and 20% BCP [ELI:BCP] holding valued at EUR 740m, reported Jornal de Negocios.
Speaking ahead of an official visit to Portugal, Angolan President Joao Lourenco said Sonangol now plans to sell its 15% indirect Galp stake held via Amorim Energia which in turn owns 33% of Galp. The Angolan state oil group had been planning to buy out Isabel dos Santos’ stake in Esperanza, its EUR joint venture partner in Galp, but this scheme has been dropped, the Angolan leader said.
Dos Santos, daughter of ex-Angolan leader Jose Eduardo dos Santos, had been made Sonangol CEO by her father but was subsequently fired by Angola’s new head of state.
Sonangol will also sell its one-fifth BCP stake and although both divestitures in major listed Portuguese companies will not occur immediately they will be sooner rather than later, President Lourenco added.
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