BPI is under threat of “legal mess” says largest Portuguese shareholder – Express

The law that allows deshielded “unconstitutional” and the end of the vote threshold can create a “legal mess”, says Tiago Violas Ferreira, CEO of Holding Violas Ferreira, which has 2.7% of BPI, told the “Business Journal” on Wednesday.

“this public tender offer (OPA) as it can not happen. It will be a mandatory takeover bid. One of the OPA feasibility conditions is deshielded the statutes, which occurs necessarily implies that CaixaBank’s voting rights are more than a third, forcing the launch of a mandatory bid, “he said.

for Tiago Violas Ferreira, Portuguese largest shareholder of BPI, the CMVM should appoint an independent auditor to fix the price of the public offering of acquisition of CaixaBank, as provided by law. “If deshielded, the 1,113 euros per share is clearly an inadequate assessment. It does not incorporate any control premium or share synergies with the small shareholders, however, it is only 66% of equity. This value is the average of the 6 months prior to the announcement and does not take into account the deshielded of statutes and is not representative of the value of the company, the reduced liquidity of the security. (…) Finally, the OPA reveals an opportunism in relation to threats of sanctions by the ECB, whose responsibility is far more attributable to greater shareholder to small shareholders. It would be a huge injustice its use for their own benefit, “he said.

The CEO of HVF still assumes not remain as a shareholder of CaixaBank Portugal if the takeover bid and deshielded advance as they are provided. “First, our position ceased to be liquid as in the same way that we do not want to be shareholders of a subsidiary, no one wants. Second, we would be at the mercy of wills consolidation of 100% in Spain. Third, because the BPI project would cease to exist, in which case we would like to return to help build a Portuguese banking project, “explained.