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Comporta - one bidder left after French prince pulls out

comportaestateIn addition to Mark Holyoake’s consortium pulling out of the bidding for Herdade da Comporta, one of the remaining two bidders also has withdrawn.

The Victor de Broglie and Global Asset Capital Europe consortium has withdrawn in a huff, leaving only Paula Amorim's bid vehicle in the contest.

The consortium, fronted by Broglie announced on Wednesday that it will not be presenting a new proposal to buy Herdade da Comporta and sharply criticised the way the sale process has been run.

The announcement comes on the same day as another stakeholder, the Oakvest / Portugália / Sabina Estates consortium, said it was withdrawing from the asset purchase process. HERE

A consortium, led by the businesswoman heiress to the vast Amorim cork and energy empire, Paula Amorim, is now the only bidder.

In a statement, the consortium led by the French aristocrat Louis-Albert de Broglie reads that, "less than eight days from the date of delivery of proposals" there still is no access to Comporta’s figures.

In this way, the consortium "believes that the minimum conditions of transparency, professionalism and good faith required in a process of this nature and dimension have not been met."

The Broglie consortium argues that during the second round of bidding, announced after the first round was pulled by Comporta shareholders Rioforte and Novo Banco, "the conditions for a fair procedure were not guaranteed and we were objectively and physically prevented from submitting a new offer following that already submitted on 4 May 2018."

Novo Banco has about 15% of the Comporta real estate fund, whose main shareholder is the insolvent company Rioforte which belonged to the bust Espírito Santo Group.


Paula Amorim, the only remaining bidder