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Sale of Novo Banco to be approved by Brussels before July 17
2017 June 2017
According to a notice published this month in the Official Journal of the European Union, the European Commission’s Directorate General for Competition was notified on June 12th of the sale of Novo Banco
The European Commission (EC) hopes to approve the sale of Novo Banco to Lone Star this month, the Portuguese newspaper “Jornal de Negócios” reported on Tuesday. According to Negócios, July 17 was chosen as the deadline for Brussels to define its position on the operation – as announced on the DGComp website.
The EC is not expected create any obstacles to the completion of the operation, since the transaction will be evaluated using a simplified procedure.
According to a notice published this month in the Official Journal of the European Union, the European Commission’s Directorate General for Competition (DGComp) was notified on June 12th of the sale of Novo Banco, negotiated between Lone Star and the Resolution Fund on March 31st.
In that notice, the European Commission stated that the sale of Novo Banco to the US fund is “likely to benefit from a simplified procedure”, taking into account Lone Star’s limited presence in the European market. In other words, the process is expected to be swift.
Original Story: Expresso – Revista de Imprensa
Photo Credits: Tiago Miranda
Translation: Richard Turner