PORTUGAL’S LARGEST private bank, Millennium bcp, is the latest Portuguese company to announce a take-over bid. Millennium bcp launched, on Monday of this week, a 4.3 billion euro cash upfront bid for Portugal’s third largest private bank, BPI.
Market and financial analysts say the bid is surprising, given Millennium bcp’s commitment to expanding its operations abroad in countries like Romania and Poland. Millennium BCP has offered shareholders 5.7 euros a share, which is 19 per cent above its Friday night close-of-business share value, and includes a 0.12 euro dividend per BPI share.
For months, there has been speculation about consolidation in the Portuguese banking sector involving Banco Espírito Santo, among others.
If the takeover goes ahead, it will create the country’s largest bank, overtaking state-owned Caixa Geral de Depósitos in terms of assets.