LISBON Oct 30 Portugal's largest listed bank
Millennium BCP sold its stake in Greece's Piraeus
bank in an accelerated placement to institutional
investors and said it expected gross proceeds of 494 million
euros ($680 million) from the offering.
The stake, amounting to 4.64 percent of Piraeus capital, was
acquired in April for 400 million euros as part of BCP's deal to
sell its Greek unit, Millennium Bank-Greece, to Piraeus.
BCP said in a statement on Wednesday it sold 235.29 million
ordinary shares in Piraeus at 1.50 euros a share and the same
amount of warrants to subscribe for ordinary shares, priced at
0.6 euros per warrant. The warrants were issued by the Hellenic
Financial Stability Fund.
"Gross proceeds raised by the seller from the offering are
expected to total 494 millions euros. BCP retains no shares or
warrants in Piraeus Bank SA after the placement," said BCP,
whose shares were up 5.4 percent in early trading.
($1 = 0.7262 euros)
(Reporting By Andrei Khalip)