The European Commission has approved a bid placed by Spain’s Caixabank to takeover Portugal’s Banco BPI, paving the way for the Spanish bank to register the offer formally with regulators, reported Reuters.
Caixabank said that it was waiting for the European approval before registering the bid, which would have an impact on Portugal’s banking sector, where BPI is the second-largest listed lender.
Go deeper with GlobalData
Angolan investor Isabel dos Santos, BPI’s second-largest shareholder, has contested the bid by the Spanish bank.
Caixabank, which is already BPI’s largest shareholder with a 44.1% stake, launched the bid for all of BPI in February 2015 at EUR1.329 a share which has been rejected by the BPI board observing it as too low, said the publication.
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.
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
