Portugal's CTT falls after report says Banco CTT sales talks break down
BUZZ-Portugal's CTT falls after report says Banco CTT sales talks break down
** Shares of Portugal's postal service CTT CTT.LS fall around 2% after Bloomberg reported on Friday that talks over the sale of Banco CTT with Spanish bank Cajamar broke off
** Stock on track for its worst day since end-July
** João Queiroz, head of trading of Banco Carregosa, says that the share move reflects the "loss of a potential transaction capable of unlocking value in the short term"
** "Should the information be confirmed, CTT will have acknowledged the possibility of selling off its banking division, a scenario which, until now, had not been part of the investors' consensus," he adds
** Queiroz also highlights that Banco CTT represents 26% of the recurrent EBIT of CTT, but in case of sale, the group has a diversified business structure
** On July 22, CTT said it received an unsolicited and non-binding expression of interest regarding Banco CTT without identifying who was behind it
(Reporting by Tiago Brandao)