Portugal’s Banco Comercial Português offers 4.33 billion euros for rival Banco BPI

14 March 2006

Lisbon, Portugal, 14 March – Portugal’s largest private bank, Banco Comercial Português has offered US$4.33 billion euros for the entire capital of rival bank, Banco BPI, according to the price per share offered in a takeover bid filed Monday with the Portuguese stock market regulator (CMVM).

BPI has 760 million shares and BCP has offered 5.7 euros per share, in cash, in an offer in which it undertakes to “acquire all shares representing the capital of the target company.”

BPI’s principal shareholders are Brazil’s Itaú bank, with 16.1 percent of the capital, Spain’s La Caixa, with 16 percent, insurance company Allianz, with an 8.8 percent stake, and Spain’s Santander, with 5.6 percent.

Together, these shareholders control 46.5 percent of the bank and they will determine the success or failure of BCP’s bid.

BCP already has a 3.8 percent share of BPI, which in its turn is one of the main shareholders of BCP, with a 5.78 percent share.

BCP market capitalization s 9.15 billion euros and BPI’s total 4.35 billion euros.. (macauhub)