Abanca ups offer for EuroBic to €300 million

The Spanish bank Abanca says it is prepared to up its offer to buy 57% of the Portuguese bank EuroBic for €300 million.

ThIs is according to Jornal Económico that quoted a shareholding source at the bank. The deal should be done and dusted by the start of November if Abanca accepts the terms of the agreement with the group of shareholders that is selling 57.5% of EuroBic, led by Fernando Teles who holds a 37.5% share in the bank.
The sale of the bank will be done in two tranches: the 57.5% tranche led by Fernando Teles which advances next month, and a second 42.5% tranche that is dependent on legal processes linked to the Angolan tycoon Isabel Santos.
The due diligence process for the first tranche should be concluded by October 31 with the aim of giving the investor a better idea of the bank’s numbers.
Last year, the Spanish bank had put in an offer of €220 million. Abanca’s profits grew 164.8% in the first half of 2023 to €277.5 million.