The Spanish bank CaixaBank launched Tuesday a takeover bid to secure control of the Portuguese bank BPI, which is already the main shareholder with 44.1% stake.
The Spanish bank CaixaBank launched Tuesday a takeover bid to secure control of the Portuguese bank BPI, which is already the main shareholder with 44.1% stake.
CaixaBank proposes 1,329 euros in cash per share and indicated that it will proceed with the operation if he can acquire a minimum of 5.9% of capital, which would give the majority in BPI.
The Spanish bank determines its offer to deletion of a clause limiting to 20% the voting rights of a single shareholder.
The price proposed by the Catalan club is 27% higher than the last price of BPI (1,043 euros) and bears the Total value of the company to 1,500 million euros.
CaixaBank, BPI shareholder for 20 years, said it would maintain the current direction and the entity will continue to trade on the stock market after the acquisition.
The Spanish bank said the operation will have the first year relative impact on its earnings per share and its objective is to maintain a ratio of own funds above 11 percent .
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