BPI’s takeover bid: 84.52% now held by CaixaBank

  • ECO News
  • 14 February 2017

CaixaBank has finished BPI's takeover bid and now holds almost 85% equity. Nonetheless, Euronext announced the Portuguese bank is excluded from the PSI-20.

CaixaBank ended up with 84.52% equity on BPI‘s takeover bid in, which they offered 1.134 euros per share. The Catalan bank was able to acquire 568 million shares, which corresponds to 39% of BPI‘s rights with the sale of the status of the Violas Group, Isabel dos Santos and also from many small shareholders.

The result of the takeover bid was announced this Wednesday in Euronext Lisboa, which also decided it will exclude BPI from the PSI-20 — meaning there are now only 17 listed companies in Portugal. This happened because the insurance company Allianz, which holds 8% of BPI‘s share capital, did not accept CaixaBank’s takeover bid; this means that its status strongly reduces the Portuguese bank’s share liquidity on the Portuguese exchange market.

Due to the results of CaixaBank’s takeover bid on BPI, and given the information available to date, Euronext decided to exclude BPI’s shares from the PSI-20 index, effective on February 10.


Although it has been excluded from the PSI-20, BPI will remain listed in the Stock Market, but with little securities. Gonzalo Gortázar stated that the main goal is to “keep the banked listed in the market”, in spite of its low liquidity. However, the CEO of the Spanish bank says one must “analyse if that liquidity is enough”, as well as “possible alternatives”.