CMVM registers CaixaBank’s takeover bid on BPI

  • ECO News
  • 17 January 2017

The Portuguese Securities Market Commission (CMVM) has registered last evening CaixaBank’s takeover bid on BPI’s share capital, at 1.134 euros per share.

The Portuguese Securities Market Commission (CMVM) has registered last Monday’s evening the takeover bid of CaixaBank for the share capital of the Portuguese bank BPI. The offer for BPI’s shares – 1.134 euros per share – is now cleared to move forward.

In their announcement of the register of the operation, CMVM reveals that the takeover bid will take place between 17 January and February 7; “the sell orders can be received until the end of the deadline. Shareholders who accept the offer will be able to withdraw their acceptance until February 2, 2017”. The result of the takeover bid will be known of February 8.

We should recall that CaixaBank held 45% of BPI’s shares and the bank’s voting rights cap has been removed, meaning that each shareholder votes according to the shares held. CMVM’s decision contradicts the goals of smaller shareholders of the bank headed by Tiago Violas, the largest shareholder of the Portuguese bank holding 2% equity, who defended naming an independent auditor to revise the bid price. Tiago Violas believes the takeover bid price should be 2.761 euros per share, because, considering the sale of 2% equity to the Angolan bank BFA for 28 million euros, there is an implied direct benefit for the Angolan Unitel of at least 500 million euros; CMVM didn’t believe that was the case and went forward with the 1.134 euros per share.