Fosun not available to raise price in talks to buy Novo Banco - source

Productive Technologies

11/09/2015 13:30

LISBON, Sept 11 (Reuters) - China's Fosun International is 
not available to negotiate the purchase of Novo Banco on the 
basis of an increase in the initial bid price as the Bank of 
Portugal bank has requested, a source close to the process said 
on Friday. 
    "Fosun already communicated to the Bank of Portugal that it 
is out of the question to raise the price and that it is not 
ready to negotiate on that basis," the source said. 
    The central bank has requested an increase in the offer 
price, the source said. 
    The central bank started exclusive talks with Fosun on the 
sale of Novo Banco last week after negotiations with the top 
bidder - China's Anbang Insurance Group Co - ended without 
agreement early this month. 
    Novo Banco was carved out as the 'good bank' from the 
collapse of Banco Espirito Santo, which had to be bailed out 
with 4.9 billion euros in August 2014. 
 
     
 
 (Reporting By Sergio Goncalves, writing by Axel Bugge) 
 ((axel.bugge@thomsonreuters.com; +351-213-509-201; Reuters 
Messaging: axel.bugge.thomsonreuters.com@reuters.net)) 
 
Keywords: NOVOBANCO/M&A