May 28, 2014 / 7:16 AM / in 3 years

BES shareholders place rights in bank at 0.11 euro/right

LISBON, May 28 (Reuters) - The two main shareholders in Portugal’s largest bank BES - ESFG and French Bank Credit Agricole - concluded the placement of 999.6 million of their subscription rights in BES to investors at 0.11 euros/right.

ESFG said in a statement on Wednesday that Credit Agricole sold 667.3 million and ESFG sold 332.3 million pre-emptive subscription rights of Banco Espirito Santo (BES) via an accelerated bookbuilding process. The settlement of the sale of rights is expected to occur on June 2.

ESFG and Credito Agricole have together controlled BES through their joint holding in the bank of 47.5 percent of the Portuguese bank. Their new joint holding after the right issue will be about 40 percent, according to BES, which is in the process of a capital increase worth 1.045 billion euros. (Reporting By Andrei Khalip)

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