Tuesday, April 19, 2016

BPI refutes version of Santoro on negotiation failure – Digital Journal

“The BPI does not recognize the version of the facts presented,” begins the text, continuing with the statement that the bank “fully maintains that announced to the market in the documents published on 10 and 17 April” past.

in particular, the institution “reaffirms” that Santoro Finance and Caixabank informed him on April 10 that “the negotiations are successfully ended” and that Santoro “disrespected what was agreed”, ” to request changes to the contractual documents on which was poured the outcome of negotiations that had been closed on April 10 “.

Santoro, holding company controlled by Angolan businesswoman Isabel dos Santos, today denied having broken any agreement with the CaixaBank and accused the Portuguese government of “favoring one of the parties.”

“There were also outstanding issues that should be solved, for which the CaixaBank refused, days later, its formalization, namely the issue related to BPI shareholders of liquidity, “said the ‘holding’.

He stressed that the agreement with CaixaBank” was never finalized “and therefore” is false has been any breach of the agreement of part of Santoro. “

the ‘holding’ of Isabel dos Santos also ensured that despite the negotiations to reach an agreement with CaixaBank have failed, remains committed to solve the problem of excess exposure bank Portuguese in Angola.

the Catalans of CaixaBank reacted to the failure of negotiations with Santoro Finance with the launch of a new tender offer (OPA) for Banco BPI, offering a contrast of 1,113 euros for each action.

the Catalan bank, the largest shareholder of BPI, with 44.10%, has already made the preliminary announcement of the transaction, necessary step to initiate this process with which wants to get control over 50% of the bank led by Fernando Ulrich.

in the announced voluntary takeover bid on Monday, the Catalan bank offers 1,113 euros, or BPI is valued at 1.6 billion euros.

the takeover announcement came on Monday, a day after the Portuguese bank has warned the market that had been without effect an agreement in principle between Caixabank and the second largest shareholder of the bank, Angolans of Santoro Finance, on the control of the Portuguese institution.

the agreement in principle announced on 10 April, aimed to solve the problem of high exposure of Portuguese bank to Angola.

Although the Banco de Fomento Angola (BFA) have represented in the past year more than 50% of BPI’s profit, or 135.7 million euros to a total of 236.4 million, the European Central Bank announced in 2014 change the method of accounting of European banks with business in Angola, penalizing the capital.

BPI then went on to have to reduce their exposure to the country, but it has come to the fore differences between Caixabank the main shareholder of BPI – with 44.10% of the share capital, although only able to exercise 20% of the vote – and Santoro, the Angolan businesswoman Isabel dos Santos, which holds 18.58% of the capital

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Digital Money with Lusa

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