Third Point mulls selling Hellenic stake to Worldview, Bloomberg reports

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By Stelios Orphanides

Third Point LLC, the US hedge fund which is Hellenic Bank’s largest shareholder is in talks with prospective investors to sell its 26.2 per cent stake in the Cypriot lender, Bloomberg reported on Friday.

Worldview Capital Management LLP, a Cayman Islands-based company is seeking to buy the stake of the US hedge fund Third Point in Hellenic Bank as the latter is currently negotiating the acquisition of the Co-op’s operations, Bloomberg News reported citing Angelo Moskov, a Worldview partner.

Third Point, which had not revealed whether it intends to participate in a new capital increase that will allow the acquisition of the state-owned Cyprus Cooperative Bank, is also in talks with Atlas Merchant Capital LLC, JC Flowers & Co. and Pacific Investment Management, Cypriot media reported the day before.

Kostov, a former proprietary trader at Deutsche Bank, said that his company had been a long-term investor in Cyprus and could have a greater contribution in helping the bank develop, than other new investors, Bloomberg reported and added that Third Point declined to comment.

Bloomberg added without citing its source that Worldview had not made a formal offer to Third Point which is considering selling its stake, owned by US billionaire Leo Loeb.

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About Author

Stelios Orphanides is a journalist at CyprusBusinessMail.com. To contact Stelios Orphanides: [email protected]

  • JS Gost

    Hellenic are not strong enough to deal with their own problems, let alone the toxic Co-op. Regardless of the sweeteners given by the taxpayers Third Point are getting off before the ship sinks, a sound economic move.

    • Jeremy Rigg

      The captain and officers of the ship are somewhat unreliable and this may be the last lifeboat to get away clear of the ship before it founders.

  • alexander reutersward

    investors sell in things they don’t believe in, a few weeks ago a massive sell in BoC with losses of 70% , and now it’s time for Hellenics biggest owner to offload (most likely at a massive loss)

    the sellers has all knowledge of the state of the business, as majority shareholders they know everything, the new investors will buy at a lower price and see it as a lottery ticket

  • Rory Keelan

    rats and ships