A multi-billion-euro bid by Anbang Insurance
for Portugal’s Novo Banco, which would be the first Chinese acquisition of a systemically important European bank, could be derailed as the offer deadline approaches.
The Bank of Portugal has set a cut-off date of August 31 for exclusive talks on the deal with a single bidder, which is understood to be Anbang. Of three shortlisted bidders for Novo Banco, the good bank created out of the collapse of Banco Espírito Santo, Anbang is understood to have made the highest offer, at about €3.5bn, including a commitment to recapitalise Portugal’s third-largest lender by assets.
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