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Spain's Caixabank announces second takeover bid for Portugal's BPI

Xinhua, April 19, 2016 Adjust font size:

Spain's third largest lender Caixabank aims at controlling Portugal's BPI after announcing its second takeover bid for the 56 percent of Portugal's fourth biggest bank, local media reported Tuesday.

Spanish newspaper Expansion reported that Caixabank offered 1.11 euros per share, which values the bank at 1.622 billion euros (1.83 billion U.S. dollars). Caixabank said that profits per share will rise since the first year.

The Spanish bank said its offer was conditional on obtaining at least 50 percent of the Portuguese bank's share capital and BPI lifting a 20 percent cap on shareholders' voting rights.

Caixabank tried to buy BPI on February last year, when it offered 1.32 euros per share, a higher figure than the one the bank is currently offering. Also, BPI's closing price on April 8, when the bank was suspended from trading, was higher at 1.19 euros per share.

However, Caixabank said that its offer represented the average share price of BPI over the past six months. (1 euro=1.13 U.S. dollars) Endite