BPI shares stand at maximums of two years, after CaixaBank, which holds more than 90% of BPI, stated that it intends to remove the Portuguese bank from the stock market.
This Monday morning, BPI’s shares are increasing more than 21%, after CaixaBank stated it intends to remove the bank headed by Pablo Forero from the Portuguese stock market. Shares are negotiating in maximums of two years.
By reinforcing its stake in the Portuguese bank, with the purchase of the 8.425% stake held by the Allianz group, CaixaBank became holder of 92.935% of BPI’s capital — enough to remove BPI’s shares from the markets.
“CaixaBank intends to request a shareholders meeting in the coming weeks to the Chairman of BPI General Assembly in order to approve the de-listing of Banco BPI pursuant to article 27.1.b) of the Portuguese Securities Code”, CaixaBank stated in a press release sent to CMVM (Portuguese Market Securities Commission).
During this Monday morning session, BPI securities valued 21.15% to 1.43 euros, renewing maximums of May of 2015.
The operation, disclosed to the markets this Sunday, registered a full price close to 180 million euros (177,979,336.50 euros), corresponding to 1.45 euros per share.
In January of 2017, CaixaBank launched a takeover bid on BPI, taking 84.52% of the capital of the Portuguese bank. By then, it offered a unit price of 1.134 euros, well below the price CaixaBank was now willing to pay for Allianz’s stake.
After concluding the business, BPI was excluded from PSI-20, in February of last year. This lead the Portuguese market to anticipate that sooner or later, the bank would end up definitely leaving the Portuguese market.