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Investing.com -- Spanish financial institution CaixaBank SA (OTC:CAIXY) is reportedly considering the acquisition of Portuguese bank Novo Banco SA, according to Bloomberg, citing sources familiar with the matter. Novo Banco, currently preparing for an initial public offering (IPO), is 75% owned by private equity firm Lone Star Funds.
CaixaBank has allegedly been in discussion with Lone Star regarding a potential deal for Novo Banco, though the information remains confidential. The Portuguese bank is also reportedly drawing attention from other potential buyers, including French banking group BPCE.
Despite the ongoing acquisition talks, Lone Star is continuing to prepare Novo Banco for an IPO. Any final deal for the bank would necessitate approval from the Portuguese government, which holds the remaining 25% of Novo Banco.
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