Espirito Santo’s Disgrace Saddles PSI 20 With Vacancies
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Portugal’s PSI 20 Index will probably be stuck with just 18 stocks for a while.
Going by its own criteria, Euronext NV is virtually out of candidates to replace Banco Espirito Santo SA and parent company Espirito Santo Financial Group SA. The stocks were removed from the PSI 20 as the Espirito Santo empire crumbled and the central bank took over what was once Portugal’s biggest publicly traded lender. The only company big enough to join the measure is a takeover target that analysts say will be barred.