Libyan investor will buy EuroBic only with majority stake

  • ECO News
  • 23 October 2020

A promissory agreement signed with Isabel dos Santos foresees that the Libyan investor Roger Tamraz can cancel the deal if he does not acquire over 50% of EuroBic's stake.

The Libyan investor Roger Tamraz, who has already reached an agreement with Isabel dos Santos to take the 42.5% stake of the Angolan businesswoman in EuroBic, may drop the deal if he can’t stay acquire the majority of the bank’s stake, according to Jornal Económico.

This situation is foreseen in the promissory agreement signed between Isabel dos Santos and Tamraz, forcing the Libyan investor to negotiate and convince other shareholders of the bank to sell him their shares. However, this may not happen.

Contrary to what happened with Abanca, this time there is no alignment of interests between EuroBic shareholders, which makes the outcome of this process more uncertain.

Fernando Teles, who holds 37.5%, revealed to Valor Económico that there are about 12 interested investors in the bank and that the sale process will take place “in the coming months”.