Montepio Geral, the private Portuguese bank, has launched a takeover bid for Finibanco Holding, its listed domestic counterpart. The transaction was carried out via public takeover offer under Portuguese law.
Finibanco shareholders received EUR 1.95 cash per each Finibanco share held. The offer values the entire share capital of Finibanco at EUR 341m. This offer represented a premium of 31.8% to the EUR 1.48 Finibanco share price prior to the suspension of trading on 29-Jun-10.
Clearwater International advised the Costa Leite family (VIC SGPS, S.A.) – main shareholder of Finibanco – on the sale of its stake on Finibanco which was essential for the success of the takeover from Montepio Geral.