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French lender BPCE to buy Portugal's Novo Banco in major merger deal

Lone Star Portugal BES BBVA UniCredit United States

In the latest of a series of cross-border merger dramas, France’s BPCE is acquiring a 75% stake in Portugal’s Novo Banco from US private equity firm Lone Star.

The offer values the lender at €6.4bn, making the deal one of Europe’s largest banking transactions in recent years. It also reflects a recent wave of consolidation interest within the sector.

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