More than 24 hours after the largest shareholder of BPI, the Caixabank (44%) have announced the voluntary takeover bid for 100% of the capital of the Portuguese institution, Santoro, Isabel dos Santos broke the silence to send strong criticism the management of BPI, the Spanish investor and the Portuguese government. The attack on the Prime Minister António Costa, one of the dossier protagonists, results in a charge for taking a measure (the law that will allow deshielded the statutes) “historically unprecedented” as well as “partial” and for the benefit of the Spanish group .
“we found that, despite the constructive involvement of the Portuguese Government in a given process of the conciliation phase, has now taken a measure historically unprecedented and openly partial to the approval of the decree-law – identified as” BPI diploma “- favoring one of the parties, at the time they were in full negotiation process,” says Santoro in his statement sent Tuesday
Still Santoro (with. 21% of BPI) recalls that “has always been committed to contributing to a solution of the problem created by the ECB, the risk of exposure of BPI to Angola and therefore” and “despite the law” created by the Portuguese Government to enable deshielded the statutes to facilitate the takeover of CaixaBank to BPI, the “dossier remained unresolved.”
in addition to the attack on the government, Isabel dos Santos says more. He says that trading in the last year has developed with CaixaBank was born to solve the problem of exposure of BPI to Banco Fomento de Angola (BFA) and not to sell its stake in BPI (21%). He says that the agreement on 10 April between Spain and Angola, with the use of António Costa, was not formalized in documents in the week that followed.
“The process of negotiation between Santoro and CaixaBank was born with the purpose of finding a way to reduce the risk of BPI to Angola by imposing the ECB to consider that this country does not have a banking supervision system at European equivalent, “says Santoro. And therefore, always argued that “the decision on BFA should be found at the level of BFA” where BPI has 50.1% of the capital and Unitel (controlled by Isabel dos Santos) the remaining shares.
However, he adds, it became apparent that “CaixaBank requirements were focused on the acquisition of the majority of BPI’s capital,” that “whatever” to be able to find a solution to the issue Angola.
Problems unresolved
in January 2016, Unitel came forward with an offer of 140 million to acquire 10% of the BFA, which, in the opinion of Santoro, “solve “the problem posed by the ECB, since the BPI” would consolidate the BFA’s accounts on its balance sheet. ” The administration of BPI, led by Artur Santos Silva, refused this proposal.
Santoro also said that the CaixaBank and BPI “had proposed to sell 50.1% of BFA” to group Isabel dos Santos ( Unitel) “by 800 million euros.” And that “in 2014 and 2015, BPI” could not find in the market, despite a “road show” international buyers willing to value BFA in 1600 million. “
In the absence of interested, “Santoro proposed price of BFA in an international market, in order to allow BPI output and ensure liquidity to its investors, while reduced the risk BPI Angola”. And it was in this context that Santoro and CaixaBank “discussed principles of understanding on Sunday, April 10, the day before the deadline set by the ECB, and these principles should have been consolidated in a document to be signed by both parties during the week next “.
Isabel dos Santos said that there were” outstanding issues that should be solved, for which the CaixaBank refused, days later, its formalization, namely the issue related to the liquidity of BPI shareholders “. And the “Agreement” signed on April 10, with the Portuguese government mediation “was never finalized” and considers “false have been any breach of the agreement on the part of Santoro” as mentioned either BPI’s management, led by Fernando Ulrich, CaixaBank want.
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