Sonae and BPI end the equity swap of almost 14 years on the multinational’s shares
As a result of this operation, Sonae SGPS now holds 86,146,422 own shares, corresponding to 4.26% of its share capital.
Sonae Investments and BPI ended an agreement that lasted since 2007, relating to the capital of Sonae SGPS, with the company now holding a 4.26% stake.
According to the information sent to the Portuguese Securities and Exchange Commission (CMVM), at stake is the cash settled equity swap, originally entered into on November 15 2007, between Sonae Investments and BPI, covering currently a total of 86,146,422 Sonae shares, corresponding to 4.26% of its share capital.
On October 20, 2020, the Jornal Económico newspaper reported that the agreement had been automatically renewed until November 2021.
Through this agreement, Sonae Investments assumed the risk of the securities acquired by the bank, despite the voting rights it held.
Sonae and BPI agreed on the acquisition of Sonae’s own share portfolio held by BPI, to cover the cash settled equity swap, totalling 86,146,422 shares, at a unit price of €0.8955, as deliberated in the Shareholders’ General Meeting of April 30 this year.
As a result of this operation, Sonae SGPS now holds 86,146,422 own shares, corresponding to 4.26% of its share capital.
