LISBON, Oct 30 (Reuters) - 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