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.

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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.

 

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