BPI to leave Lisbon stock market

Spain’s CaixaBank, which owns 90% of Portuguese bank BPI, could take the bank off the Lisbon Stock Market. CaixaBank purchased 8.4% of BPI shares from the Allianz Group and now hold 92.93% of the bank’s capital.

“CaixaBank has agreed to purchase BPI shares representing 8.425% of its capital stock from the Allianz Group” states the Spanish bank in a communiqué sent to the Portuguese securities and stock market commission (CMVM), adding that, “because of this acquisition, CaixaBank now holds 92.935% of BPI capital stock”.

The cost of the acquisition was almost €180 million corresponding to €1.45 per share at a dividend of 22.67% on the current share price which had stood at €1.18.

With this purchase, the bank has the 90% or over capital share needed to launch a public acquisition offer (PAO) or take-over bid thereby removing BPI from the Lisbon Stock Market into Spanish control.

“It is the intention of CaixaBank to ask the President of the General Assembly of BPI for a meeting   in the coming weeks to approve Banco BPI’s loss of status as a publicly traded company” states CaixaBank.

In January 2017 CaixaBank launched the takeover bid for BPI having gained 84.52% of the capital of the Portuguese bank. At that time it offered a price per share of €1.134, below what it is offering now to purchase the shares it hadn’t, until now, owned.