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Third Point mulls selling Hellenic stake to Worldview – Bloomberg

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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