Portugal’s BPI bank target of takeover bid

18 February 2015

Catalan bank CaixaBank launched a tender offer for Portuguese bank BPI, of which it already owns 44.1 percent, offering 1.329 euros per share, a premium of 27 percent on Monday’s share price, the bank said Tuesday.

The takeover bid is for all the shares of Banco BPI but, according to the announcement, the CaixaBank’s bid includes a condition of securing at least 50 percent of the Portuguese bank.

The operation was coordinated with BPI and is subject to approval of the regulatory authorities of the two countries and the lifting of a restriction on CaixaBank’s voting rights in the Portuguese bank, which are currently limited to 20 percent, due to the bank’s internal rules.

As at 30 June, 2014, Banco BPI had three shareholders with holdings of over 2 percent of the bank’s capital – the La Caixa group, with 44.1 percent, Santoro Financial Holdings, SGPS of Angolan businesswoman Isabel dos Santos, with 18.6 percent and the Allianz Group, with 8.4 percent.

The share capital of Banco BPI, of 1.293 billion euros, consists of 1.457 billion registered ordinary shares, of no nominal value. The shares are fully listed on the Euronext market.

On 30 June, Banco BPI’s share capital was held by 22,166 shareholders, of which 21,645 were individuals in possession of a total of 12.4 percent, whilst 521 were institutional investors and companies holding 87.6 percent. (macauhub/AO/PT)