Caixabank says it is considering “strategic position” in BPI – publico

                 

                         
                     

                 

 
                         

The executive director of Caixabank said today that the Catalan bank is considering its strategic position as a major shareholder of BPI and recalled that two thirds of the Portuguese bank capital wanted the success of the takeover bid in February.

                     

                         In a press conference to present the half-yearly results of Caixabank in Barcelona, ​​Gonzalo Gortázar addressed the takeover bid launched in February by the Catalan bank on 55% of the capital that does not hold the BPI.

“The proposal was subject . of different considerations summoned up one shareholder meeting to see if it approved the elimination of the limitation on voting rights. – a condition that had imposed as logical to take control and implement a program synergies remember that two thirds of the capital voted in favor that eliminate the limitation of voting rights, “said the executive director of Caixabank.

However, he recalled,” with the specific rules in the BPI statutes that was not enough. “

“It was not enough because our vote did not count and we had to reach 75% of the capital. Two thirds of the capital wanted to go one way, but this was not possible. And as it was not possible, of course we accept it “he stressed.

Therefore, added Gonzalo Gortázar, the Caixabank is now” reviewing strategic alternatives “for the investment in the Portuguese bank.

” What we are analyzing in respect to our investment in BPI have to do in a careful manner, which is for us, and not speculate about BPI. The bank has just presented good results, has a good position – but obviously also has things to do. We will continue to support for the BPI can reach their goals and create maximum value for its shareholders, “said the head of the Catalan bank

However, he left a caveat:.” But as I said, on our position we will review the strategic alternatives and when we have completed this process will act one way or another. “

The Cash Bank launched on 17 February a takeover bid on all of BPI’s capital to 1.329 euros per share , a price considered low by the management of the Portuguese bank.

The bank placed as an essential condition for the bid to eliminate the limit of the voting rights “imposed on the Catalan bank. Despite having more than 44% of the BPI shares, the statutes of the Portuguese bank indicate that the Catalans had only 20% of the voting rights in the general meeting of shareholders.

Two weeks later, Isabel dos Santos advanced an alternative proposed merger between BPI and BCP.

The BPI shareholders were to plumb the deshielded voting rights and Caixabank withdrew the offer to June 18.