Caixabank believe in success takeover bid for BPI – publico

 
         

                 

                         
                     

                 

 
 

The Caixabank believes the takeover bid for BPI will be completed in the third quarter of this year, since the new ordinance that allows deshielded the Portuguese bank’s statutes shall not enter into force on 1 July.

the Caixabank is the largest shareholder of BPI, with 44.1% of capital, and launched in recent weeks one Public Offering (IPO) on the remaining capital of the Portuguese bank, contingent on the elimination of blocking statutes in the entity Portuguese financial, limiting her voting rights to 20%. However, it was published April 20 in the Official Gazette a diploma that opens the way to deshielded the statutes in BPI.

In the first quarter results presentation press conference, the managing director of Caixabank, Gonzalo Gortázar considered this new fundamental decree for the whole operation. “At some point there must be a general meeting of BPI shareholders to decide whether to raise or not statutory limitations. According to the new decree approved by the Portuguese Government, the Caixabank will not be limited in our right to vote, so will be a different general meeting of last year, “said the official.

In February last year, the Catalan bank had submitted a takeover bid with similar conditions but failed when the other shareholders of BPI voted against lifting the blockade to voting rights.
“we are confident that [this time] the result will be positive. the decree shall enter into force on 1 July, so we are talking about a process that will take your time. our aim is that the operation can be completed in the third quarter [until September], but these operations depend on many factors so that it can not be exhaustive, “he cautioned.

Asked by Lusa about whether the Caixabank held talks with representatives of the Portuguese Government on this new ordinance, the Angolan shareholders of Santoro Finance describe how a decree “as” the Spanish bank, Gonzalo Gortázar declined to comment. “I’d rather not answer,” said the official, adding that “have the greatest respect for the Portuguese government and Portugal, also by the Angola”. 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.

BPI remains exposed to the risk of Angola, as it holds more than 50% of Banco Fomento Angola and that Gonzalo Gortázar described as “a jewel”. If BPI did not reduce exposure to Angola until April 10, risked to pay a daily fine of 160,000 euros. This sanction was suspended – but still without a final decision. – With the announcement of a preliminary agreement and the submission of the Tender Offer