The CaixaBank assumed today that “it is no longer time to negotiate with other BPI shareholders on the capital structure”, since it presented a takeover bid, admitting only talk about the problem of exposure to Angola.
“When presents a takeover bid (tender offer), it is no longer time to negotiate, when presented a takeover bid, the other shareholders have to see if they are interested or not, accept it or not. of course, we continue to work constructively because, in this case, in addition to the takeover bid for BPI, pending the resolution of a problem on the BFA [Banco Fomento de Angola, majority owned by BPI], “he considered the managing director of CaixaBank, Gonzalo Gortázar (pictured).
Caixabank is the largest shareholder of BPI, with 44.1%, and launched in recent weeks a takeover bid for the remaining capital of the Portuguese bank, contingent on the elimination of blocking statutes in the Portuguese financial institution, limiting her rights of vote to 20%.
the Portuguese government approved a decree law that allows deshielded this blocking clause of the voting rights, but in light of the new rules of the European Central Bank, BPI remains exposed to the risk of Angola, as it holds more than 50% of Banco Fomento and Angola.
“not that the bank has a problem, but weighs heavily in the BIS balance sheet and therefore passes the limits of risk concentration. This risk requires the collaboration of many parts, a constructive dialogue with the regulatory authorities of Angola. Already in Angola we put at the disposal of the Central Bank to explain the operation and to find a solution. And require dialogue with the partner BFA in Angola, which is the Unitel “he said.
That is, the CaixaBank seek” always dialogue to resolve this issue. “
“But to be clear: dialogue refers to solve the problem of Angola. We are not acquainted with the BPI shareholders on the takeover bid. Is displayed and now comes to accept or reject, “he said.
About the OPA, the responsible of CaixaBank consider that was presented” seeking the best BPI interests. “
” After this situation [the non implementation of the principle according to Angolan shareholders of BPI], the CaixaBank decided that the best interests of BPI should present an offer that was to present, which could also enable the European Central Bank suspends penalties for breaching against the risk of Angola (BFA), “said Gonzalo Gortázar.
if the BPI did not reduce exposure to Angola until April 10, risked to pay a daily fine of 160,000 euros. This sanction was suspended with the announcement of a preliminary agreement and the presentation of the tender offer.
the head of CaixaBank is confident in the European Central Bank will not fine BPI.
“it has not yet taken that decision (to move to the fine BPI), but we have confidence. I am confident that the European Central Bank can not do anything other than help in this process, “he said.
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