| Economy
The decision of the Securities Market Commission was made known to the early morning of Friday, before the opening of the national stock exchange.
The governor’s statement is rather vague, merely to enact the “suspension of trading of the shares of Banco BPI, SA to the disclosure of material information about the issuer.”
the decision comes a day considered crucial for the future of the bank. It’s Friday which is voted, in general meeting, the end of the votes limit in BPI. A proposal which, when approved, will provide effective control of the bank to the Catalan Caixabank.
At issue is the fact that CaixaBank, although in possession of about 45 percent of the share capital, voting only 20 percent. This is the limit of the voting power imposed by statutory rules bench headed by Fernando Ulrich.
The Catalan bank has therefore almost the same voting power that Santoro Isabel dos Santos, although the Angolans they hold only 19 percent of the share capital of the bank. The two parties have failed to reach understanding on the future of the bank.
Santoro vs CaixaBank
This vote is fundamental to end the impasse in which it is BPI, caused by Hispanic-Angolan battle that has plagued the Portuguese Investment Bank.
The conflict erupted under the rules of the European Central Bank, Frankfurt to force the Portuguese bank to reduce exposure to Angola.
Angolan and Spanish failed to reach understanding to comply with the rules of Frankfurt. Before the negotiations fail, the Spanish CaixaBank launched a takeover bid for BPI, offering 1,113 euros per share.
The proposal is subject to elimination of limits to shareholder voting rights.
Legal War in sight
The deshielded of BPI’s statutes must be voted on in two separate proposals, one of which takes into account the recent legislative amendment adopted by the Government and Isabel dos Santos dubbed “BPI diploma.”
A first vote of initiative shareholder Violas Ferreira Finantial, which is against the order of the limits to vote. Having been presented by a shareholder referred to Business Journal , the vote is made followed the limitation of voting rights. A are confirmed, these polls can open- if a legal war in the institution, since different polls and different methods will bring mixed results and always opposed to the interests of one party.
that is, the vote of CaixaBank worth only 20 percent of the share capital.
The proposal is thus doomed to failure, since it is known that the Angolan Isabel Santos will vote against, making it impossible to approval by two-thirds.
This is precisely what determined the lead of the first attempt of BPI to end the votes limit, voted in June.
The other proposal is submitted by the Board of Bank Management and already takes into account the degree approved by the Executive in April this year.
Having latter has been presented by the administration, do not apply the limits on voting rights. The proposal should therefore be approved, since the CaixaBank will vote with 45 percent of the share capital.
confirm whether these votes can be open a legal war in the institution, since different polls and with different methods will bring contradictory and opposite results to the interests of one party.
1.113 euros per share
The deshielded the statutes is one of the conditions to advance the takeover bid from Spain’s CaixaBank. The institution offers 1,113 euros for each share of BPI.
Even before being debated and voted on this point more controversial, meets a first General Assembly to elect the members of the board of major meeting. This vote occurs after President Miguel Veiga have resigned, citing health reasons. Shareholders should elect the lawyer Carlos Osório de Castro as president.
On Thursday, the bank shares led by Fernando Ulrich closed to fall 1.07 percent to 1.11 euros. The bank posted profits of 45.8 million euros in the first quarter, a figure almost 50 percent higher than in the same period. Angola is the main generator of the institution’s profits.
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