The Spanish bank CaixaBank (Other OTC: CAIXY – News) launched a takeover bid on Tuesday to secure control of the Portuguese bank BPI, the that it is 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 Catalan club determines its offer to the deletion of a clause limiting to 20% the voting rights of a single shareholder.
The price proposed by CaixaBank is 27% higher than the last price of BPI (1,043 euros) and brings the total value of the company to 1,500 million euros.
The Spanish bank, BPI shareholder from 20 years ago, said it would maintain the current direction and that the entity will continue to trade on the stock market after the acquisition.
CaixaBank explained that the operation will have an impact on first year in its earnings per share and its objective is to maintain an equity ratio above 11%
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