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China’s Fosun has offered to buy almost 17 per cent of Millennium BCP, Portugal’s largest listed bank, and potentially lift its stake to 30 per cent, following a halving in its share price in the year to date.
中国的复星(Fosun)已提出收购葡萄牙最大上市银行千禧银行(Millennium BCP)近17%股份，并有可能增持股份比例至30%。今年以来千禧银行股价下跌了一半。
BCP said in a regulatory filing late on Saturday that Fosun Industrial Holdings had offered to pay Euro0.02 a share, equal to Friday’s closing price, in a private placement of 16.7 per cent of the bank’s share capital. According to the filing, Fosun was also considering increasing its shareholding to “20-30 per cent”.
千禧银行上周六晚间在一份监管申报文件中表示，复星产业控股公司(Fosun Industrial Holdings)出价每股0.02欧元（相当于上周五的收盘价），拟通过一次私募收购16.7%的该行股本。根据申报文件，复星还将考虑增持股份至“20%至30%”。
Fosun, one of China’s most acquisitive companies, made its Millennium BCP offer a week after it agreed to pay $1.1bn for 86 per cent of Indian drugmaker Gland Pharma. In recent years, it has also snapped up France’s Club Med and the top Portuguese insurer in Europe.
复星是中国最具收购意识的公司之一，在向千禧银行发出要约的一周前，它同意斥资11亿美元收购印度制药企业Gland Pharma的86%股份。近年，它还在欧洲收购了法国的地中海俱乐部(Club Med)和葡萄牙顶级保险公司。
Analysts deem BCP to be in need of capital and vulnerable to a takeover after its share price fell from Euro0.05 earlier this year, pushing its market value to a little over Euro1.1bn.
分析师们认为千禧银行需要资本金，且容易成为收购对象，此前该行股价从今年初的0.05欧元一路下跌，使市值跌至略高于11亿欧元。
In a recent report on Portugal’s undercapitalised banks, which are heavily burdened by bad debts, Barclays said BCP could need a capital increase of about Euro2bn.
巴克莱(Barclays)在最近一份有关葡萄牙资本不足的银行（这些银行受到沉重坏债负担的拖累）的报告中表示，千禧银行可能需要增资约20亿欧元。
On Friday, the bank posted a Euro197.3m loss for the first half of 2016, down from a profit of Euro240.7m for the same period last year. But it said that stress tests by the European Banking Authority had shown it had sufficient capital to withstand a financial crisis. Under the tests, BCP had a common equity tier one ratio — a key measure of capital strength — of 6.1 per cent under stressed conditions, above the 5.5 per cent threshold seen as the minimum adequate level.
上周五，该行报告2016年上半年亏损1.973亿欧元，逊于去年同期的盈利2.407亿欧元。但该行表示，欧洲银行管理局(European Banking Authority)的压力测试表明,它有充足的资本来抵御一场金融危机。压力测试显示，千禧银行在压力条件下的普通股一级资本充足率——资本实力的一项关键衡量指标——达到6.1%，高于被视为最低充足水平的5.5%这一门槛。
Fosun has now offered to subscribe to a private placement, reserved solely for the Chinese group, that would give it a 16.7 per cent stake in BCP. It said it was “also considering increasing its stake through secondary market acquisitions or in the context of future capital increases” to up to 30 per cent.
复星现在提议认购一笔专为这家中资集团安排的私募，使其买下千禧银行16.7%股份。复星表示，它“也在考虑通过二级市场买入或在未来增资的情况下增加其持股比例”至最高30%。
This offer, which is subject to regulatory approval by Portuguese and EU authorities, is conditional on Fosun being able to appoint at least two of the 20 BCP board members, and up to five members in the event of increasing its stake.
须由葡萄牙和欧盟监管部门审批的这项要约，以复星向千禧银行的20人董事会提名至少两人为条件；在该中资集团增持股份的情况下，以提名至多五人为条件。
BCP said it recognised “the strategic potential” of Fosun’s offer, saying it would swiftly proceed with an analysis of its “many positive aspects” before making a recommendation to its board of directors.
千禧银行表示，其意识到复星要约的“战略潜力”，该行将迅速迅速着手分析这项要约的“许多积极方面”，然后向董事会提出建议。
