The Spanish from CaixaBank already own almost 94% of BPI

  • ECO News
  • 21 May 2018

The Catalan group continues to reinforce its stake on the Portuguese bank by purchasing more shares in the market. It only needs a little over 6% to fully own BPI.

CaixaBank continues reinforcing its stake in BPI by means of several stock purchase operations in the market, after having acquired an important stake from the insurance company Allianz in the beginning of the month. The Spanish group already owns almost 94% equity on the Portuguese bank.

More exactly, the Catalan made purchases on the 15, 17 and 18 of May, acquiring around 440 thousand securities in BPI, corresponding to 0.03% equity on the Portuguese bank. CaixaBank paid an average price of 1.45 euros per share, according to the information disclosed to the markets this morning. These operation concern a 634 thousand euros’ investment, CaixaBank disclosed.

“After these acquisitions, CaixaBank became the direct owner of 1,367,803,974 shares, representing 93.883% equity on BPI and 93.893% of voting rights in BPI”, is stated in CaixaBank’s document published by the Portuguese Securities Market Commission (CMVM).

The same is to say that only a little over 6% of BPI’s shares are not held by the Spanish, which have announced that they intend to remove the Portuguese bank from the stock market.

If BPI and CMVM’s general assembly approve losing the open society status, CaixaBank informs that it intends to acquire all the shares it not yet holds. “As soon as the Bank BPI ceases to be an open society after CMVM’s approval, CaixaBank intends to move forward with the squeeze-out of the remaining shares for the same price of 1.45 euros per share”, CaixaBank added.