Deals
Lone Star Is Picked for Talks to Buy Portugal’s Novo Banco
- Central bank got five proposals for Novo Banco in November
- Sale is proceeding over two years after Espirito Santo breakup
This article is for subscribers only.
Lone Star Funds was selected by Portugal’s central bank as the best-placed bidder to conclude talks on the purchase of Novo Banco SA, the lender that emerged from the breakup of Banco Espirito Santo SA.
The new phase of talks with Lone Star doesn’t exclude the possibility of other potential bidders improving their proposals, the Lisbon-based Bank of Portugal said in a statement on its website late on Wednesday. During the talks, an attempt will be made to minimize the potential impact on government finances that may result from Lone Star’s current proposal, it said.