According to BPI. CMVM expects information to the opening of the Stock Exchange – Daily News – Lisbon

Agreement between businesswoman Isabel dos Santos and Catalan CaixaBank is ready. Just missing the green light from regulators and shareholders

The BPI will have to send to the Portuguese Securities Market Commission (CMVM) to the market opening tomorrow morning, a statement on the outcome of negotiations between the Catalans of CaixaBank and Isabel dos Santos. The agreement, as confirmed by the DN, is already finalized and lack green light from the European Central Bank (ECB) and the regulators of the countries where they operate the banks involved. – Angola, Spain and Portugal

The solution should follow the model that was on the table of negotiations last month and passing the separation of assets, Isabel dos Santos to be in control of Banco Fomento de Angola (BFA), while the Catalan bank acquires position of Santoro, the holding company of Angolan businesswoman at BPI. This model assumes the launch of a tender offer (OPA) by CaixaBank on the bench headed by Fernando Ulrich.

This outcome will allow BPI to reduce its exposure to the Angolan market, complying with the decision of the ECB. BPI had at the end of 2015, with an exposure of € 3.6 billion to the Angolan State and another 1.3 billion to the National Bank of Angola; the ECB imposed an overall ceiling of 3.2 billion.

The design of the solution should be communicated in the coming hours, within the tax deadline, which ends today. This way should also stay away from the scene of the European Central Bank come to apply a daily fine of about 160,000 euros to BPI. – What would happen if the deadline was not met

Only during the day today should realize what type of information will be communicated to the market – if the disclosure of a detailed version of the agreement or a more minimalist version, to give account of understanding between the Angolan businesswoman, who owns 18.6% of BPI, and the CaixaBank, which controls 44.1%.

Among the formal steps to complete this whole process includes, in addition to yes regulators, also the approval of the boards and assemblies general shareholders of the financial institutions involved.

from the BPI, the majority positions of CaixaBank and Santoro ensure approval of the deal. Until it is concerned compliance with a decision of the ECB imposed by the fact that the body headed by Mario Draghi consider Angola as one of the countries that do not have a similar regulation and supervision of existing and required in the EU.

last month, CaixaBank and Santoro confirmed “contacts with the aim of finding a solution acceptable to all stakeholders.” But on 24 March, the Catalans were aware that “if it failed to fulfill the conditions for an agreement.” At the same time, the Catalan bank reiterated its commitment to continue to find a solution to the risk of conversion of excess situation resulting from its controlling interest in BFA.

Earlier this month it was reported that the CaixaBank and Isabel dos Santos had resumed negotiations. The reports were never confirmed, but on Tuesday, Artur Santos Silva, non-executive chairman of the BPI, assured that the issue “will be resolved as well.” In an interview with DN and TSF (published today but held on Thursday), Prime Minister Antonio Costa said that “there is no reason at this time not to trust that the parties will come to understand in time.” That is, until the opening of the markets.