Spain's Caixabank said on Monday it would make a full takeover bid in cash for Portugal's BPI for 1.113 euros ($1.26) per share for the 56 percent stake it doesn't already hold.
Caixabank to launch full takeover bid for Portugal's BPI
The offer is dependent on acceptance topping 50 percent of BPI and the Portuguese bank eliminating a 20 percent shareholder rights limitation
CaixaBank's logo is seen at the company's headquarters in Barcelona, Spain, January 29, 2016. REUTERS/Albert Gea
The offer is dependent on acceptance topping 50 percent of BPI and the Portuguese bank eliminating a 20 percent shareholder rights limitation, the Spanish bank said in a statement to the stock market regulator on Monday.
Caixabank said it expects the acquisition, which it hopes to be closed by the end of the third quarter, to hit fully-loaded core capital by between 97 and 146 basis points depending on acceptance.
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