Barcelona, March 6 (EFE) .- CaixaBank considers the bid price by the Portuguese Investment Bank (BPI) is “adequate” and that its project is “beneficial” for the company and its shareholders, so has decided to continue with the OPA to completion.
CaixaBank has taken this decision after evaluating the report yesterday made public the board of BPI which rejected the offer of Catalan bank, 1,329 euros per share, the low considering, and after learning that the Angolan millionaire Isabel Dos Santos, the second largest shareholder of BPI, proposed as an alternative a possible merger with Banco Comercial Portugues (BCP) .
In a statement to the Comisión Nacional del Mercado de Valores (CNMV), CaixaBank explains that praised the council report and the proposal of Dos Santos, but says, “with the utmost respect to all the views of the shareholders of BPI and his council “that the bid price is appropriate and beneficial to the whole entity.
CaixaBank further states that in the current context can not I comment a possible merger between BPI and BCP whose terms have not yet been proposed.
That is why CaixaBank “has the will and the obligation to continue with the offer to completion.”
“Once the offer, CaixaBank assess the outcome and status of BPI intended to help find the best alternatives for BPI and its shareholders,” says the bank presiding Isidre Faine.
A mid-February, CaixaBank launched a tender offer (OPA) to take over the entire BPI, the fourth largest bank in Portugal by business volume, which is currently the main shareholder with 44.1% of its capital.
CaixaBank, offering cash paid 1,329 euros per share, conditioned its bid to obtain at least 50% of the shares of the Portuguese bank and that the limitation of 20% of the voting power is removed a shareholder.
The range of CaixaBank, however, has encountered a double opposition.
On the one hand, the Angolan magnate Isabel Dos Santos, the second largest shareholder BPI, with a share of 18.6% through the signing Santoro, who last March 3 rejected the terms of the tender offer by CaixaBank and proposed, instead, a merger with BCP.
Dos Santos sent a letter to the chairmen of the three companies involved in detailing the benefits of a merger between BPI and BCP, the second largest Portuguese bank, has announced that it is willing to consider this hypothetical merger.
The takeover of CaixaBank, on the other hand, was rejected yesterday by the Board of Directors of BPI, asking increase supply by 70% to EUR 2.26 per share.
“The Board of Directors believes that the price of 1,329 euros per share offered by CaixaBank through the offer does not reflect the current value of BPI, and encourages its shareholders not to accept the offer,” the bank said in a statement to the Securities Market Commission (CMVM) Lusa.
CaixaBank offered last February, the price based on the average of its stock market the past six months, the minimum required by the Portuguese legislation, and, since then, has not revised the price.
The Catalan group has a 44.1% stake in BPI, so I just need to buy another 6% to gain a controlling stake in the company.
However, one of the conditions of the tender offer by the Catalan club is the removal of ceiling on voting rights currently existing, established in 20% and whose modification requires agreement both Dos Santos as the third largest shareholder, the insurer Allianz
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