Caixabank to launch full takeover bid for Portugal's BPI

16:52 - 18 April 2016

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

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.

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.