US billionaire eyes ‘significant’ portion of 1 bln euros of new shares from Bank of Cyprus
US billionaire Wilbur Ross said on Tuesday that he will take a “significant” portion of the 1 billion euros worth of new shares being sold by Bank of Cyprus but that the complexities of the deal make it impossible to say how much at this point.
Bank of Cyprus announced on Monday night that institutional investors, including some introduced by Ross, wanted to buy 1 billion euros worth of shares in the bank, but might only be able to get 800 million euros worth if existing shareholders also commit more capital.
“We’re not 100 percent sure of how many shares any of us will end up buying,” Ross told Reuters in a phone interview. [Reuters]