Spanish rival launches 2nd takeover bid for Portuguese bank
LISBON, Portugal (AP) — Spain's Caixabank is making its second attempt in just over a year to take control of Banco Portugues do Investimento, launching a crossborder takeover bid that values the Portuguese bank at 1.62 billion euros ($1.83 billion).
Caixabank, S.A., which is the Portuguese bank's largest shareholder with 44 percent of its stock, is offering 1.113 euros a share — lower than its February 2015 offer of 1.329 euros. It says the offer represents the average share price over the past six months.
The Spanish bank said in a statement Monday its bid has three conditions: scrapping current limits on shareholders' voting rights, obtaining more than 50 percent of Banco BPI S.A.'s stock, and securing regulatory authorization.
The bid came after Caixabank's negotiations to buy a rival Angolan shareholder's 18.6 percent collapsed.