Open door to the chinese: the BCP moves forward with the merger of shares on the stock exchange – TVI24

As for the BIS, the law that opened the door to the desblindagem of the statute facilitated the TAKEOVER of CaixaBank. Now, also the decree-law on the regrouping of shares in listed companies, the diploma of the Government enacted by the President of the Republic, comes also open the door to the chinese of Fosun to advance the same to the BCP, with the board of directors of the bank to communicate that you are going to merge the actions on October 24. Everything routed in the negotiations with Fosun, which are to “continue and end” soon.

in A statement sent to the Commission for the Securities Market, prior to the opening of the bag, the BCP states the “production effect on the date of 27 September 2016 resolution by the general meeting of shareholders of 21 April 2016, decided to proceed to reunification, no reduction of the capital, of the shares of capital stock of the Bank.”

that way it will be made this fusion of actions? “Through the application of a ratio group 1:75″, that is, each 75 shares will be 1. All are covered.

The reaction on the stock exchange is to be positive: the titles have been on the rise more than 3% of the opening, and by 08:20 advancing 2% to 0,0153€. Simulating that the reunion would be with the actions in this value, each would be worth 1,1475 euros.

The titles that are left will have a counterpart – 2,57 cents for each one – “in cash to be received by shareholders for shares which do not permit the assignment of a whole number, action, value, this corresponding to the weighted average price of the shares representative of the share capital of the Bank on the regulated market Euronext Lisbon during the six months immediately preceding the date of this resolution”.

The measure will have effect on the day 24 October 2016, and the shareholders may select their lots of shares until the 21st of October.

“Through the sale and purchase of shares to obtain a total number of shares held that are a multiple of 75, in view of the reunification, being, up to this date, paid the deposit or provided guarantee in the amount corresponding to the maximum amount of the compensation to be awarded, in accordance with the law”.

in Another statement, the Banco Comercial Português informs that, in the meeting held on Tuesday by the Board of Directors has been appreciated. “in favour of the development, with substantial progress of the negotiations with Fosun Industrial Holdings Limited”.

As the leaders of the BCP found that the publication of the decree-law, on the part of Marcelo Rebelo de Sousa, which allows the grouping of actions, they saw it as a “favourable evolution” in regard to the “fulfilment of the conditions precedent to the proposed investment by Fosun was a subject”.

it Is thus open even more the way for the chinese to be with 16.7% of the capital, and admit increase participation in the Portuguese bank, up to 30%.

there are Still underlines the same press release, “conditions for verifying, among which are those relating to approvals by the entities of banking supervision”.

it is Certain that the executive committee of the BCP was mandated to “pursue and finalize exclusive negotiations with Fosun”. The idea is to present the results of this process at the next meeting of the board of directors.