Lone Star Portugal bet is EU bank M&A’s lone star
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Lone Star Portugal bet is EU bank M&A’s lone star
The US private equity firm may make an annualised return of at least 20% from a sale or IPO of Novo Banco, worth perhaps 6 bln euros. Scooping up roadkill after a crisis can be lucrative, but the payoff also owes a lot to recent rate hikes. European banks are tougher targets now.
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