The CaixaBank will launch in the coming hours a Public Offering (IPO) on all of BPI’s capital following the break according to Santoro Isabel dos Santos, who has 21% of the Portuguese bank. And for the operation to succeed assumes, however, the President of the Republic promulgates the law sent by the Government to put an end to shield the statutes in force in the institution led by Fernando Ulrich.
The negotiations between the two major BPI shareholders, CaixaBank (which owns 44% of capital) and Santoro on the future of the bank ended this weekend break in total break. And the agreement announced on 10 April entitled to greetings of the President and the Prime Minister was buried. But the Government has approved the decree that allows deshielded of BPI’s statutes, which voting rights are restricted to 20% of in general meeting present. A relevant fact. It is that agreement with or without agreement, the Spanish tender offer to BPI held forever without constraints. Remember that most of BPI’s capital already gave signs of being favorable to deshielded. And although the law only comes into force in June, there will be held the usual formalities of the process of an offer to exchange, as applications for authorization or general meetings.
The promulgation of the law by Marcelo Rebelo de Sousa is inevitable takeover of CaixaBank which has more than 44% of BPI. And if the operation is successful will allow the European Central Bank (ECB) in new ways to reframe the reduction requirements of BPI exposure to African great risks. But it is unknown what will be the decision and on what terms Frankfurt intends to act. Yet it is probably not check the setting of sanctions to the bank led by Fernando Ulrich, who now has a controlling relationship with Banco Fomento de Angola (BFA), with 50.1%. The favorable outcome of the tender offer will require the integration of Portuguese bank in CaixaBank and the dilution of investment in a higher dimension BFA group. It is recalled that the takeover was already a way to achieve the “friendly” agreement between Angolan and Spanish with lifting the shield.
After the recent events, the frame around the BPI was “wrapped” total. As the PUBLIC reported on 19 March, the Bank of Portugal (BoP) resisted for over a month (some two months) to grant the suitability Isabel dos Santos so that it could take a non-executive post of administrator of BIC Portugal which controls 42.5%. And last Thursday at a meeting with the team of Carlos Costa, Isabel dos Santos was informed of two facts: Jaime Pereira (who replaced Mira Amaral) will not have authorization from BoP to be CEO of BIC Portugal; there are obstacles to grant the suitability for registration or to the Angolan businesswoman, wants to Fernando Teles, who intend to stay in the non-executive management of BIC Portugal. It is that contrary to what is found in other financial companies, banks managers can only perform the duties after confirming its suitability. By early evening, already in the midst of the turmoil, the BoP told the Express : “. That is still analyzing suitability of Isabel dos Santos”
The assessments of BIC Portugal They were notified by the regulator to Angolan businesswoman four days after being announced the agreement between the Spanish and Angolan covering BPI, but that was obtained “irons” and after a year of advances and retreats. with the businesswoman to position itself with various uniforms:.. as a shareholder of Santoro in BPI (21%) or as a shareholder of Unitel (49%) what would join their action in the Angolan political front
This Saturday, after the market has been namely on 10 April that the two finally had understood, he gave up the back face. Isabel dos Santos challenged the consensus built in recent weeks around the fifth largest bank operating in Portugal. An agreement that received the contribution . Prime Minister and Sunday BPI could not be clearer: “. disrespected what was agreed and came to request changes” the April 10 agreement was void because Santoro
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