The May 19 Fitch had revised downwards the `rating` while long-term debt issuers four Portuguese banks (BCP, BPI, Montepio and Banif) following the alterções to European rules that make it unlikely the state support to institutions European.
On that date, `outlook` (perspective) BPI has been set at” positive “by Fitch due to the potential rise of` rating` related to the takeover of CaixaBank.
Now, after the Catalan bank has withdrawn the offer, Fitch decided to pass the `outlook` bench headed by Fernando Ulrich to” stable “.
Fitch noted that ratings granted to the BPI “reflect weak domestic profitability, but also take into account the indicators on asset quality and funding and liquidity profile, which are stronger than their domestic peers” .
In addition, the `rating` agency pointed to the” reasonable capitalization “of the Portuguese bench after last year has ended to repay the EUR 920 million that had been endorsed by the Portuguese State in the form of bonds convertible into capital.
The Catalan bank CaixaBank announced last week (18) have given up the takeover bid for the Portuguese BPI bank which is the main shareholder.
The reason given by CaixaBank is that “not fulfilled the condition [stipulated in the offer] the elimination of the limit of the voting rights” imposed on the Catalan bank, which was sinker.
This, after the day before this announcement, BPI’s shareholders have decided in general meeting plumb the deshielded 20% of the voting rights in the bank, essential step towards the success of the takeover bid had been launched by CaixaBank.
Despite having more than 44 percent of the shares of BPI, the statutes of the Portuguese bank indicate that the Catalans had only 20 percent of the voting rights in the general meeting of shareholders.
tags: CaixaBank OPA, OPA BPI Fitch, Ulrich,
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