Edition 1476
26 May 2018
Edition: 1476

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Brussels approves sale of Novo Banco to Lone Star

by TPN/Lusa, in Business · 13-07-2017 14:05:00 · 0 Comments

The European Commission at the start of this week approved the sale of Portuguese bank Novo Banco to American private equity firm Lone Star under the EC Merger Regulation, but the process still requires separate consent under state aid rules.

Brussels approves sale of Novo Banco to Lone Star

The commission announced on Monday 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, which is why the case was analysed using the simplified procedure.
Brussels points out, however, that Monday’s decision analyses the transaction based on merger control rules, and “with regard to the analysis in the context of State aid, the Commission is continuing its discussions with the Portuguese authorities on the restructuring plan that will ensure the return of Novo Banco to long-term viability.”

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Edition 1476
26 May 2018
Edition: 1476

Read this week's issue online exactly as it appears in print.

Twitter

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