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Caixabank gets 84.5 pct stake in Portugal's Banco Bpi in takeover
February 8, 2017 / 4:55 PM / in 9 months

Caixabank gets 84.5 pct stake in Portugal's Banco Bpi in takeover

LISBON, Feb 8 (Reuters) - Spain’s Caixabank successfully completed the takeover of Portugal’s second-largest listed lender, Banco BPI, paying 645 million euros to raise its stake to 84.5 percent from 45 percent, Euronext Lisbon said in a statement on Wednesday.

Shareholders representing about 15.5 percent did not take up the offer, which took nearly two years to complete.

The Spanish bank launched its first bid for BPI in 2015 at a price of 1.329 euros per share, but opposition by some shareholders, notably Angolan investor Isabel dos Santos, forced it to withdraw that offer last year, only to make a smaller final offer of 1.134 euros a share.

Dos Santos, the daughter of Angola’s president had a stake of about 20 percent in the Portuguese bank. It was not clear if she was fully bought out.

Reporting By Sergio Goncalves, writing by Andrei Khalip, editing by Axel Bugge

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