復星擬入股葡萄牙最大上市銀行

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.

中國的復星(Fosun)已提出收購葡萄牙最大上市銀行千禧銀行(Millennium BCP)近17%股份，並有可能增持股份比例至30%。今年以來千禧銀行股價下跌了一半。

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”.

千禧銀行上週六晚間在一份監管申報文件中表示，復星產業控股公司(Fosun Industrial Holdings)出價每股0.02歐元（相當於上週五的收盤價），擬通過一次私募收購16.7%的該行股本。根據申報文件，復星還將考慮增持股份至“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.

復星是中國最具收購意識的公司之一，在向千禧銀行發出要約的一週前，它同意斥資11億美元收購印度製藥企業Gland Pharma的86%股份。近年，它還在歐洲收購了法國的地中海俱樂部(Club Med)和葡萄牙頂級保險公司。

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.

分析師們認爲千禧銀行需要資本金，且容易成爲收購對象，此前該行股價從今年初的0.05歐元一路下跌，使市值跌至略高於11億歐元。

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.

巴克萊(Barclays)在最近一份有關葡萄牙資本不足的銀行（這些銀行受到沉重壞債負擔的拖累）的報告中表示，千禧銀行可能需要增資約20億歐元。

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.

上週五，該行報告2016年上半年虧損1.973億歐元，遜於去年同期的盈利2.407億歐元。但該行表示，歐洲銀行管理局(European Banking Authority)的壓力測試表明,它有充足的資本來抵禦一場金融危機。壓力測試顯示，千禧銀行在壓力條件下的普通股一級資本充足率——資本實力的一項關鍵衡量指標——達到6.1%，高於被視爲最低充足水平的5.5%這一門檻。

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.

復星現在提議認購一筆專爲這家中資集團安排的私募，使其買下千禧銀行16.7%股份。復星表示，它“也在考慮通過二級市場買入或在未來增資的情況下增加其持股比例”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.

須由葡萄牙和歐盟監管部門審批的這項要約，以復星向千禧銀行的20人董事會提名至少兩人爲條件；在該中資集團增持股份的情況下，以提名至多五人爲條件。

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.

千禧銀行表示，其意識到復星要約的“戰略潛力”，該行將迅速迅速着手分析這項要約的“許多積極方面”，然後向董事會提出建議。