Banco Espirito Santo Declares Baupost Group Holds A 2.27% Stake

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Banco Espirito Santo is in the news today for a lot of bad reasons, but finally here is a good one. Baupost Group now holds a 2.3% stake in the Portuguese bank. Stay tuned for more analysis and make sure to check out our recent exclusive on Baupost’s investments in Spain, Greece, San Francisco Real Estate, Arby’s debt and more.

Below is the full securities filing from  Banco Espirito Santo SA regarding the Baupost stake

Pursuant to and for the purposes of Article 16 of the Portuguese Securities Code (CVM) and in accordance with CMVM Regulation 5/2008, Banco Espirito Santo SA (ELI:BES) informs that it has received a notification from The Baupost Group, L.L.C. regarding the acquisition of shares which resulted in a qualified holding in BES.

Baupost’s share count in  Banco Espirito Santo

On the 3rd of July, the Baupost Group acquired, over the counter, 48,100,000 BES shares. After this transaction Baupost holds 127,398,763 shares, corresponding to a 2.27% stake in Banco Espirito Santo SA (ELI:BES) share capital, effectively held according to the following chain of controlled undertakings:

Baupost Limited Partnership 1983 A-1: 12,415,907

Baupost Limited Partnership 1983 B-1: 5,298,919

Baupost Limited Partnership 1983 C-1: 29,898,741

Baupost Value Partners, L.P. – I: 7,760,596

Baupost Value Partners, L.P. – II: 9,408,910

Baupost Value Partners, L.P. – III: 3,790,093

Baupost Value Partners, L.P. – IV: 42,908,283

HB Institutional Limited Partnership: 8,477,099

PB Institutional Limited Partnership: 4,434,852

YB Institutional Limited Partnership: 3,005,363

Moreover, according to Baupost information, the relevant voting rights are also attributable to:

i) The Baupost Group, L.L.C., general partner and investment adviser to the above listed limited partnerships, which exercises the voting rights on behalf of the partnerships;

ii) SAK Corporation is the manager of The Baupost Group; and

iii) Seth A. Klarman, who is the sole shareholder and President of SAK Corporation.

H/T AldenSimons

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