Portuguese lender Banco BPI shareholders have approved the scrapping of a 20% cap on voting rights, clearing the way for Spain’s Caixabank to carry out a fresh purchase offer for the Portuguese lender.

CaixaBank, currently the largest shareholder in BPI with a 45% stake, has been trying to take over the Portuguese bank for more than a year in order to boost profitability. However, the cap on voting rights prevented it from exercising more control over BPI.

Caixabank’s takeover bid was opposed by Angolan investor Isabel dos Santos, who holds a stake of 18.6% stake in BPI.

The Barcelona-based bank had in April 2016 offered €1.113 in cash per share for the rest of Banco BPI that it does not own. The removal of the voting rights cap was a key condition for this offer.

The bank has now launched a fresh bid offering €1.134 in cash per share for the rest of the Portuguese bank.


How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.