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Portugal: Brussels approves sale of Novo Banco to Lone Star

Page created: Monday, 10 July 2017 14:10 GMT

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Brussels   European Commission  Novo Banco

Brussels, July 10 (July) – The European Commission on Monday approved the sale of of Portuguese bank Novo Banco to Lone Star under the EC Merger Regulation, but the process still requires separate consent under state aid rules.

 

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 transactionbased 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.”

 

ACC/CA // CA

 

Lusa