A businesswoman Isabel dos Santos failed Friday to catch the proposed division of BIS banking business in Angola, which is one more victory in the arm-rail that keeps with the management and the largest shareholder, the Caixabank, which holds 44% of the bank. The climate of tension begins to worsen, as is clear in the indictment of the President of BPI, Fernando Ulrich, that the fundamental interest of the bank was not respected.
Against the backdrop of the limitation of rights voting 20%, Ulrich said, “so far, this had not created any problems, but today it was broken because the fundamental interest of the bank was not taken into consideration, but [rather] other interests.”
the manager stressed that without the shield statutes, the proposed spin-off of the African assets of BPI (besides Angola also includes Mozambique) have been approved with the votes of 73.8% of the share capital represented, as the Isabel votes against dos Santos would have a weight of only 26.2%. With this shield has not reached the quorum of two thirds of the votes necessary for approval.
The slight increase in the presence of capital represented at the general meeting held on Friday in Porto, which amounted to 82.35% (compared to the usual 80%) was not sufficient to allow the bank fulfilled through the proposed measure, the requirement of the European Central Bank (ECB) against exposure of the bank in Angola.
As an alternative to fission, Isabel dos Santos, which holds 18.58% of BPI, has already proposed several strategies, especially for the purchase of 10% of Banco Fomento de Angola (BFA) from the Unitel (owned by Angolan businesswoman) which thus would have control of the bank.
This solution, which involved the payment of 140 million, has been leaded by the board in a climate framework that involves the management, the largest shareholder the Spanish Caixabank (with 44% of the capital, but can only vote with 20%) and Santoro Isabel dos Santos.
at the end of the general meeting, the chairman of BPI, Fernando Ulrich, said negotiations will continue with the Angolan shareholder, and also ensured that it was given no argument against the split.
the manager also said that until a week ago there was a consensus to the businesswoman to split the BFA, and that this required only a more favorable shareholder arrangement for Angolan interests in the new company resulting from the spin-off.
the solution proposed by Isabel dos Santos implied a tender offer waiver acquisition in the new company which will bring together the participation of Angola, but the regulator, the Committee on Securities Market (CMVM) has not accepted this exemption. Already Caixabank accepted.
“The situation is complex,” assures Ulrich, who did not specify whether you need a new general meeting to resolve the situation.
On the other hand, Mário Leite Silva, Isabel representative dos Santos, said that the entrepreneur is open to other solutions to solve BPI’s exposure to Angola, but to no avail that.
Speaking at the end of the general meeting of the BIS, where Santoro chumbou the proposed spin-off of African BPI business, the official refused to comment on whether the proposal was good or bad solution, saying only that “it is not possible.” The impossibility stems from Unitel opposition (where Isabel dos Santos controls and holds at least 25%), which however wanted to acquire 10% of Banco Fomento de Angola (BFA) solution that was waged by the bank’s management.
About the new proposal the administration of the bank, deshielded statutes that current limits voting rights to 20%, Mario Silva, who is president of Santoro left the assurance that it would not be accepted unless it was part a consolidation movement. “Without it we will wait,” he said.
This will mean that the Angolan businesswoman continues to keep on the table its BCP merger proposal with BPI (or else with another institution). Despite admitting that consolidation movement continues to make sense, Mário Silva said that does not meet the requirements of the ECB, which must be met by April 10.
No comments:
Post a Comment