Spanish lender Caixabank has dropped a takeover bid for Portugal lender Banco BPI, paving the way for the Portuguese lender to initiate talks with Banco Comercial Português on a possible merger.
Spanish bank said it took this decision after shareholders in the Portuguese lender refused to revoke company statutes that limit the votes of any single shareholder to 20%, a key condition of its bid that was launched in February 2015.
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Caixabank said it would now consider other alternatives for its BPI stake.
Caixabank is the biggest single shareholder in Banco BPI with 44% stake. Isabel dos Santos, the daughter of Angola’s president, holds an 18.6% stake.
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