Portugal 'finding it difficult' to sell assets

12 August 2011

Portugal is finding it tough to source buyers for state-owned assets due to the stock markets being at their most tumultuous for a number of years.

Bloomberg reports that the country needs to offload a number of holdings in order to satisfy the requirements of its bailout package - but is having significant difficulty doing so.

Prime minister Pedro Passos Coelho is attempting to sell a number of assets across the third quarter of 2011 after agreeing to quicken such sales through 2013 as part of its €78 billion ($112 billion) rescue deal.

He is hopeful that sales of holdings in grid operator REN-Redes Energeticas SA and power company EDP-Energias de Portugal SA - which has employees stationed around the world, including in the US and Brazil - can be pushed through during the three-month period.

Andre Pinheiro of Orey Financial SA in Lisbon said: "It's clearly the worst of times to carry out privatisations."

By Asim Shah

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