Deshielded BPI and Angola undertake negotiations – Express

There are ongoing transactions between the shareholders of BPI, namely, Spanish CaixaBank and the Angolan Isabel dos Santos. The goal is to solve the deshielded of BPI’s statutes, which allow the Caixabank strengthen capital in the Portuguese bank and eventually proceed with a tender offer (OPA). At issue is also a reduction in exposure of BPI to Banco de Fomento Angola (BFA).

The Government, as the Express moved forward to 13 February, is preparing an amendment the law regulating the shield statutes in listed companies and takeover bids. The purpose of this change is to drop the shield in the event of a takeover bid to control more than 75% of the capital. To advance, will be used to help solve the BPI situation, grappling with a standoff between the interests of the two largest shareholders, CaixaBank and Santoro Isabel dos Santos.

Trading’s among the main shareholders BPI, Bank box with 44.1% of BPI and Santoro Isabel dos Santos with 18.6%, reported this Wednesday by the Bloomberg news agency, made the Committee on Securities Market (CMVM) suspend the trading of bank shares led by Fernando Ulrich. The regulator is awaiting disclosure of relevant information on the subject. That is, whatever it is clear why the negotiations between the shareholders.

It is urgent to solve the regulatory problem posed by the European Central Bank (ECB) because of exposure BPI to Banco de Fomento Angola (BFA) . where it holds a majority stake (50.5%). BPI has until April 10 to reduce its stake in Angolan bank or come up with a split of its assets in order to respond to the ECB imposing. Frankfurt ruled that eurozone banks in Angola will have to account for the risk of sovereign debt in the country to 100% and not like it was 2015, between 0% and 20%. Isabel dos Santos that controls Unitel holds 49.5% of BFA chumbou the proposal advanced division by BPI management. And the BPI’s board of directors did not accept the offer of Unitel, to purchase 10% of the BFA, and put forward a proposal for deshielded statutes.

Another problem, the shield of BPI’s statutes have given to Isabel dos Santos, with only 18.6% of the BPI, the power to decide on matters relevant to the bench headed by Fernando Ulrich. That’s why, as reported the Express to 13 February, the government of António Costa has underway to change the law that limits the voting rights in listed companies. The group of Catalonia can only vote with 20% of the rights to vote because of the shield statutes, and ensures that only continue to invest in Portugal desblindar the statutes.

The Government, as reported Express , equating the ‘pros and cons’ of a possible amendment of the law governing the shield statutes in listed companies and takeover bids (OPA). A review of the Securities Code law that would permit, in special circumstances, drop the statutory limitations, such as the restriction of the use of voting rights. There was in 2006 a European directive that would allow, but this particular rule was not transposed into Portuguese law.

Now it is back. The amendment is being studied by the Executive António Costa facilitate a new takeover bid from Spanish group Caixabank about BPI. And it is under study, know the Express, in the current context faced by the bank led by Fernando Ulrich – are in motion a proposal from the Executive Committee desblindar the statutes, and already has the Santoro opposition of Isabel dos Santos ( 18.6%) and Violas group (2.68%).

the Prime Minister, António Costa, is directly involved in this dossier. The importance of BPI in the banking system and the Portuguese economy is great, and the government wants to avoid further surprises in the bank.

If the law is changed, the Caixabank no longer have the constraints that led about a year to lead the takeover bid it launched on the BPI. Operation that was doomed to failure also by the fact that BPI’s statutes are armored to 20%, and Isabel dos Santos and Violas group are not available for desblindar.

In addition to La Caixa, are favorable deshielded the German Allianz, holders of 8.4% of BPI’s capital. It was actually not all that dropped the takeover of the Spanish, because at the time the management down considered the price offered.

Government to found the Express , is in favor of a takeover bid of Caixabank, because that would open the door to the Spanish group was a strong competitor to the purchase of the New Bank. Artur Santos Silva, President of the Board of Directors of BPI, have been active with the Executive.