Saturday, January 7, 2017

The Lone Star has to withdraw the guarantees of the State to prevent the nationalization – Diário de Notícias – Lisbon

After two attempts to sell failed, there is growing political pressure for the old BES to end up in the public sphere

The team of Sergio Monteiro has now, only a few weeks to take the Lone Star to improve the proposed acquisition of the New Bank. After Mário Centeno said in an interview with the DN and the TSF, which the government refused to give guarantees of the State in this business, it became evident that the proposal of the Bank of Portugal to sell to the americans would not advance. Now, the five that have signed the confidentiality agreement (Lone Star, Apollo, China Minsheng, BCP and BPI) are all back in the race, but this is only in the theoretical sense, in practice the race will do-if between the Lone Star and Apollo, with favoritism to the first, which has already announced the availability to withdraw the request for guarantees from the State.

China Minsheng could not show proof of funds to cover your offer and it is doubtful that you can do in the little time that remains. Already the Portuguese banks did not have the intention to re-enter in the race.

The date of January 4 to finalize this phase of the process was suggested by the negotiating team of the Portuguese, when they scored the 4th day of November, as a limit, proposals, binding, valid for 60 days. Later, the Lone Star became public that his proposal would no longer be binding at the end of this term. This was, incidentally, the reason for the team Sérgio Monteiro and the Bank of Portugal in picking the bottom american, even knowing that the government would not accept proposals that would require guarantees from the State. With this strategy ensured that the Lone Star wouldn’t come out of the process. This is not something little, since at this time the Lone Star is the only one that has a bid fully binding.

The negotiators and the Bank of Portugal are committed to removing the constraints of the proposals still in play to be able to close with a victory of Pirro, who is, to this dossier. If there is at least one proposal fully binding, and that meets the letter of commitment and the financial value of the proposal is the only obstacle, so the decision is solely political.

Failed the second attempt, with a deadline of August to the deficiencies of the business, this time there will not be a third attempt, the government allowed only a prolongation of the negotiation. The destination of the New Bank reenters the political debate.

PCP want to vote on the nationalisation

THE CFP will force the Parliament to vote on the nationalization of the New Bank, after announcing yesterday that it will move forward with a draft resolution that keeps the old BES in the State. Mr Michael James explained that “the PCP does not reject the proposals that are on the table. The PCP rejects the possibility of the delivery of the New Bank in the private, is what they are,” he argued. “Already paid out by the New Bank, was what we needed now were left with him for a trifle,” said the communist mp. And deliver the bank to private “would mean that more than 60% of banking capital would be owned by foreign groups”.

the PSD and the CDS do not leave the Box

Also yesterday, in Parliament, PSD and CDS have asked the president of the Assembly of the Republic, Ferro Rodrigues, to extend the object of the commission of inquiry of the GBD to the process of restructuring and recapitalization of a public bank. Mr Hugo Soares, PSD, left a warning to the parliamentary majority of the left: “anyone Who wants to prevent this enlargement of the object can only have one goal: hide from the Portuguese that is happening in the GBD.” the Miguel Sailor


No comments:

Post a Comment