Thursday, 25 October 2007

BPI asked Millenium BCP hand in marriage

PSI 20 ended rising 0,70% a little below the European average for the main stock indexes. made the top for the third day in a row climbing 3,49% - it is still far, far away from the level prior to sub-prime crisis. BCP followed by rising 2,24% and Brisa came in third valorising 2,15%. In the down side and justifying a not so neat global behaviour we had Mota-Engil falling 2,10% and, particularly, PT slipping 0,67%.

Well and that’s that for the day… but is it really?
NO! The rumour came to be true: BPI asked politely the hand of BCP (Millenium BCP). The marriage is still far away and the answer is not certain but we will have quite to talk about in the next weeks and months. For starters both banks have stocks from each other that must be sold if the deal is to be completed.
The Millenium BPI would have 30% share in the Portuguese market and would be one of the biggest banks in the Iberian Peninsula.
After the hostile attempt by Millenium BCP to take over BPI and after the top management rearrangement within BCP (where BPI had a role) this was a somewhat predictable outcome.

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