Caixabank. Postponement “allows to meet the deadlines of the Tender Offer” – Mad Money

The Spanish bank Caixabank, which has 45% of BPI, expects the new suspension of the general meeting of BPI shareholders 15 days – will resume on September 21 – will allow “give more time” for the court decide on the protective measures and to compliance with the terms of the tender offer.

“the CaixaBank expects this new postponement of 15 days allows to give more time for it to emerge a court decision on the injunction. This time, moreover, would meet the deadlines set out in the offer, according to the commitment to the ECB, “said the Mad Money official source of the Catalan bank.

The general meeting of July 22 was taken this morning but again suspended for not be a judge’s decision on the two advanced protective measures by the family Violas Ferreira (2.6% of capital) – one to suspend the proposed the vote of management and another to challenge the election table general meeting. The shareholder is against deshielded and whether its proposal to be voted on, as this defines that shareholders vote with their armored statutes and it takes 75% of the capital represented to vote in favor to pass.

With this new postponement request by the Catalans, the expectation is that the court decides on these legal instruments and that, despite the delay, the fulfillment of the terms of the Tender Offer taking into account the requirements of the ECB.

BPI has to solve the problem of excessive exposure to Angola to meet the rules of the ECB and the body has four months to Caixabank to resolve the situation, assuming that the tender offer is successful and is completed by the end of October.

the postponement for 15 days allows you to maintain the operation, where the Caixabank offers 1,113 euros per share, within the timetable initially. – not least because there is still the green light from the central bank for the IPO forward

However, the BPI’s statutes deshielded is essential for the Caixabank maintain the supply. The bank has voting rights limited to 20% and Caixabank want this period to be eliminated to proceed with the tender offer.

The theme of deshielded has generated some tension among shareholders, as was admitted this morning the chairman of the bank, Silva Santos, who also ensured that the ECB is aware of everything that goes in the bank.

the fears that the takeover bid is withdrawn intensified in recent days, after a news Spanish El Confidencial, and led the bank’s shares to fall 3% in yesterday’s session. – morning trading was suspended by the CMVM but has been resumed