Saturday, October 29, 2016

OPA to the BIS goes one step further determinant – Jornal de Negócios – Portugal

The European Central Bank (ECB) gave the green light to the Spanish CaixaBank to proceed with the public offer of acquisition (OPA) on the BPI. The information was revealed this Friday, October 28, by the executive chairman of CaixaBank, Gonzalo Gortázar, during the press conference of presentation of the results of the third quarter.

“we have Received authorisation from the ECB to move forward” and we hope to take the OPA in progress “to a good port in the coming months,” said Gortázar, quoted by Lusa.

The approval of the ECB, or the non-opposition to the operation, it was critical that the OPA could be next.

But there are still other approvals. In the preliminary announcement of the TAKEOVER bid, published in the comissão do mercado de Valores Mobiliários (CMVM) on the 21st day of September, were set out the authorisations required for the operation if efectivasse.
in Addition to the ECB, the La Box needs more seven responses: the non-opposition of the Supervisory Authority of Insurance and Pension Funds; the European Commission’s approval; the authorization of the Bank of Spain, of the National Bank of Angola and Bank of Mozambique; and the non-opposition of the regulators of luxembourg and the Cayman Islands.

In early September, the ECB sent a message to “hard” to the BIS, by requiring the shareholders to find a quick solution and ultimately to the impasse that the institution lived. At issue was the question of Angola. The supervis or committee has imposed that the BIS should reduce its presence in Angola in December 2014, setting April 10, 2016 as a deadline for the adoption of a solution. After Isabel dos Santos have interfered with the spin-off of the assets of africans in a new society, the CaixaBank and the entrepreneur have reached an agreement to resolve the problem. But the second largest shareholder has receded.
This question was only resolved in the general meeting of 21 September, when the BPI and Isabel dos Santos reached an agreement with the Portuguese bank to cede control and power management of Banco de Fomento Angola (BFA) to Unitel, reducing its position to be 48,1%.

This agreement provided the non-opposition of Isabel dos Santos to desblindagem of the statutes of the BIS, a condition in determining the tender offer to proceed. The shareholders approved the order of the limit of votes, which was about 20%.
That same day, the CaixaBank increased the contrast of the tender of fer of 1,113 euros to 1,134 euros. The rise of 1.9% was the result of the determination of the Code of the Securities: with the desblindagem of the statute, the CaixaBank already send out, a time that holds more than 40% of the capital of BPI. Soon, the public offer of acquisition is not voluntary; it is mandatory.


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