CaixaBank withdraws bid for BPI bank – The Economist

CaixaBank said the withdrawal of the registration of its takeover bid was for the condition that the limit of voting rights that a shareholder may cast established in the statutes of BPI were eliminated have not been met.

MADRID CaixaBank, third Spanish banking group by market capitalization, said Thursday the withdrawal of its takeover bid (OPA) on the Portuguese bank BPI, the which already owns 44.1%, following a disagreement with shareholders.

The company decided to “record the withdrawal of its takeover bid for the shares of BPI announced last February 17 in view of not have it complied with the condition that the limit of voting rights that a shareholder may cast established in the statutes of BPI were eliminated, “he said in a statement.

The general meeting of the Portuguese bank had decided Wednesday not eliminate this limitation as required by the Spanish, its main shareholder with 44.1% of capital, which prevented any shareholder have more than 20% of voting rights regardless of their participation.

“CaixaBank start from the moment a phase of analysis of strategic alternatives regarding its stake in BPI, “the statement

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In early March, the board of BPI was considered insufficient the price of the takeover of CaixaBank, of 1.329 euros per share and 2.26 euros asked instead. However, the Spanish bank did not change its offer.

The businesswoman and daughter of the Angolan president Isabel dos Santos, second shareholder of the Portuguese bank with 18.6%, decided to counteract the bid and proposed instead a merger between BPI and BCP rival, to give birth to the largest private bank in Portugal.

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