Wednesday, September 21, 2016

CaixaBank makes a positive assessment of the decision that allows you to keep OPA – RTP

The “CaixaBank assesses positively the decision of the shareholders of BPI to eliminate the restrictions on voting rights, a visa that will give stability to the entity [BPI] allow apply the principle of an action, a vote, in line with the best practices of corporate governance,” said Gonzalo Gortázar to Lusa, after the general assembly of the BPI, which took place today in Porto.

The shareholders of BPI approved today the proposal of desblindagem of the statute of the bank, putting an end to the limitation of the voting rights and clearing the way for the success of the TAKEOVER bid launched last April by the largest shareholder, spain’s CaixaBank.

To the executive chairman of the Spanish bank, with headquarters in Barcelona, the decision “allows CaixaBank to continue with your offer, that means a strong commitment to investment in Portugal”, where this institution is present for more than 20 years.

“This decision of the general meeting will continue with an operation are convinced that it is the best for the future of the entity and all its shareholders,” said Gonzalo Gortázar, ensuring that CaixaBank is “willing to take over the control of BPI, to help the entity cope with guarantees the future challenges of the sector the Portuguese financial and regulatory requirements”.

the deletion of The limitation of the voting rights in BPI was the main condition for the CaixaBank was finishing the TAKEOVER bid over the whole of the Portuguese bank.

The limitation of these rights gave until now to CaixaBank, which has more than 45% of the shares, a decision-making power of only 20%, similar to that of the second shareholder, the millionaire angolan Isabel dos Santos, which holds 18.6% of the capital of the company also angolan Santoro.

The Spanish bank intends to conclude the TAKEOVER bid in October, an operation that was much easier with today’s decision of the general meeting of BPI.

However, the central Bank European (ECB) decided in June to give four months to the CaixaBank, from the moment in which to pass the control of the BIS, to solve the problem of exposure to large risks that have in the angolan market.

The four-month period only starts counting from the completion of the tender offer is made by CaixaBank on the BPI, “assuming that it takes place before October 2016,” according to the ECB.

This question can also be in the process of resolve after the BPI have proposed on Tuesday to Unitel the sale of 2% of the share capital of Banco de Fomento Angola (BFA), allowing the carrier to angola to become the largest shareholder, after approved the desblindagem of the statute of the Portuguese bank.

This proposal was formalized in a letter sent by the BPI to Unitel, made available through the homepage of the comissão do mercado de Valores Mobiliários (CMVM), implying that the operator, controlled by businesswoman Isabel dos Santos to pay 28 million euros by the 26.111 actions of the BFA (corresponding to 2% of the share capital of angolan bank).

Currently, the BPI holds 50.1% of the share capital of BFA, while Unitel is the owner of 49.9%, and the goal of this operation is to resolve the situation of exceeding the limit of large exposures imposed by the European Central Bank (ECB) regarding the exposure of Portuguese banks in Angola.

The Portuguese bank condicionava this business to acceptance on the part of the Santoro of the elimination of the limit of the voting rights.


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