Brussels approves offer not raise competition problems, but Spanish threaten to withdraw without deshielded statutes
The public offering (OPA) launched by CaixaBank to BPI yesterday received a “green light” from the European Commission, in Brussels to consider that the transaction does not raise competition concerns. The authorization came at precisely the same day that the Catalans said they were not available to raise the proposal of 1.113 euros per share. The CaixaBank did not stop there and even let the threat of withdrawal from the table, as did the first attempt to purchase, in February 2015, if the statutes of the Bank are not desblindados the next general meeting of shareholders.
“the European Commission approved, on the basis of merger Regulation, the proposed acquisition of BPI by CaixaBank,” he says in a statement. Brussels explains that the operation “was examined under the simplified merger process” and “concluded that the acquisition does not raise any competition concerns since the combined shares of the market of the two companies are very low.”
the CaixaBank had notified the European Commission of the tender offer to BPI in a process which was received on 12 May and published the next day on the website of European regulator. Brussels had until next June 17 to rule, but just yesterday by revealing his decision. So with OK Brussels are missing the commitments of the European Central Bank (ECB), the regulator of the insurance and pension (AFS) and the central banks of Angola and Mozambique. After that, the CMVM may decide whether or not appoint an independent auditor to set the price to pay for CaixaBank in the Tender Offer, as asks Isabel dos Santos (see box). The European Commission had already approved an operation between the two banks in 2015, but the process has not been finalized because the CaixaBank withdrew the takeover bid.
The possibility of dropping the offer back to be open, with Spanish proving to be intransigent on the price offered on Monday the financial institution purchase attempt led by Fernando Ulrich.
the DN / Money Vivo learns financial industry sources who attended the conference organized by Goldman Sachs in Paris, the financial administrator CaixaBank said that the offer is 0.68 times the book value of BPI. That is, the CaixaBank has no intention to increase the offer price to the BPI, a position that the Catalans had kept the first time launched a tender offer to Ulrich bank – so the price was 1.3 euros per share – when they wanted to withdraw the offer.
on top of this, Javier Pano, CFO of CaixaBank, have also stressed that the general meeting to desblindar BPI’s statutes, shareholders will have to decide the future of Bank. In practice, the Spanish responsible left the warning that the OPA will be void if not desblindados the statutes of the Portuguese bank and that in this case, the value of the shares will be negatively affected. The Spaniards hope that the administration of BPI, led by Fernando Ulrich, decide in July at the latest in September, this deshielded statutes.
The director of CaixaBank also listed three problems that BPI is currently facing. According to Javier cloth, the first challenge is related to the limitation of voting rights to 10% of the capital, joining the penalties with exposure to BFA in Angola, already having CaixaBank request a postponement the deadline set by the regulator . Third, and finally, highlights the question of profitability of the domestic business of BPI, noting that in its proposal the Caixabank proposes a plan to increase this profitability.
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