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.

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.

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.