Caixabank makes $1.14bn takeover bid for Portugal's Banco BPI

Spain's Caixabank has made a bid of EUR1bn ($1.14bn) for full control of Portugal's Banco BPI, in which it currently owns a 44.1% stake.

Caixabank makes $1.14bn takeover bid for Portugal's Banco BPI

The Spanish lender is offering €1.329 a share for the remaining stake in BPI that it does not own.

Caixabank said that the takeover bid is subject to receiving at least 50% of the total equity and BPI shareholders accepting to remove a restriction limiting voting rights of any individual shareholder to 20% of the share capital.

Caixabank, which currently has four directors on BPI’s board, also said that it would continue to support the Portuguese lender’s existing board.

The deal, subject to relevant regulatory approvals, is projected to be completed during the second quarter of this year.

The takeover offer of Caixabank comes as BPI mulls its own bid for Novo Banco, which was created from the collapse of Portugal’s Banco Espírito Santo (BES).