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.