AlphaTON stock soars 200% after pioneering digital asset oncology initiative
Investing.com -- The shareholders of Novo Banco SA, a Portuguese bank, have approved measures that could lead to an initial public offering (IPO) of the bank valued at €1 billion, Bloomberg reports. The majority owner of Novo Banco is Lone Star, a US private equity firm.
The shareholders’ meeting on Wednesday included discussions on admitting shares for trading on the stock exchange and revising the bank’s articles of association, according to Bloomberg, citing a spokesperson for Novo Banco. These steps are necessary conditions for the IPO process. However, the final decision is contingent on the selling shareholders’ approval.
Lone Star currently owns a 75% stake in Novo Banco, while Portugal, through various entities including the country’s Resolution Fund, holds the remaining 25%. The outcomes of the meeting suggest a potential progression towards an IPO, but the final decision rests with the shareholders.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.