Spain’s CaixaBank now controls 84.51% of Portuguese bank Banco BPI’s capital after the calculation of the results of its tender offer, compulsory acquisition of remaining shares will not be required and the bank will still be listed on the stock exchange, according to a press release.
The Spanish bank, which already controlled 45.5% of Banco BPI, bought the remaining shareholders’ 39.11% of the share capital of the banks and must have acquired the interests not only of Angolan holding company Santoro, of Angolan businesswoman Isabel dos Santos, but also of the Violas group, owned by Arsopi (which brings together several Portuguese investors) and Fernando Telles, who is the head of Banco BIC, of which dos Santos is a shareholder.
For Caixabank to be required to take on all of BPI’s shares it would have, under the law in force, to secure 90% of the capital, which was not the case, so BPI will remain listed on the stock exchange.
The chairman of CaixaBank, Gonzalo Gortázar, said BPI “will benefit from belonging to one of the largest financial groups in Europe,” and defended the merits of the tender offer, particularly noting it will offer the bank stability and access to finance on better terms.
This operation was made possible only after Banco BPI sold 2% of its 50.1% stake in Banco de Fomento Angola to telecommunications company Unitel, leading the Angolan businesswoman to accept the sale of an 18.576% stake in the Portuguese bank, which it acquired from Brazilian bank Itaú.
The transfer of control of Banco de Fomento Angola was also a requirement of the European Central Bank to reduce the Portuguese bank’s exposure to the Angolan market. (macauhub)