Santoro Finance and CaixaBank negotiate stakes in Portugal’s BPI bank

23 March 2016

The Portuguese Securities Market Commission (CMVM) decided to suspend trading in BPI bank shares pending disclosure of relevant information on the negotiations between the two major shareholders, said the regulator in a statement.

The suspension was decided Tuesday, before the stock started trading and will continue until the disclosure of relevant information to the institution, which did not happen by market close.

The issue involves an agreement between the two largest shareholders of the bank, Spain’s CaixaBank and Santoro Finance of Angolan businesswoman Isabel dos Santos, which may result in the launch of a tender offer (OPA) for BPI.

Since last week there have been reports of an agreement between the Spanish bank and the Angolan businesswoman involving the sale of BPI’s interest in Banco Fomento Angola (BFA) to Isabel dos Santos who, in turn, may sell her position the Portuguese bank.

Also on Tuesday, Santoro Finance issued a statement noting it was in negotiations with CaixaBank to resolve the stalemate in negotiations on stakes in BPI, but said that no agreement had yet been reached. (macauhub/AO/PT)