Uría Menéndez is advising CaixaBank on its bid to acquire all the outstanding shares it does not already own in Portugal´s Banco BPI.
CaixaBank is already the largest shareholder in Banco BPI as it currently holds 44.1 per cent of the share capital.
A CaixaBank statement said the offer for Portugal’s fourth largest bank by business volume, at a price of 1.329 euro per share, is “27 per cent higher than BPI’s closing share price on 16 February 2015”.
The statement added: “The offer price is equal to the weighted average price for the last 6 months, which for the purposes of Portuguese regulations, is considered the equitable price. The offer is subject to CaixaBank receiving acceptances which will increase its shareholding in BPI over 50 per cent, as well as the removal of the current 20 per cent voting cap set out in BPI’s bylaws.
“The removal of this voting cap requires the approval of at least 75 per cent of share capital represented at the BPI annual general meeting, to be convened for that purpose, at which CaixaBank’s voting rights are limited to 20 per cent.”
A spokeswoman for Uría Menéndez confirmed that it was advising CaixaBank on the proposed deal, but declined to disclose any further information.
A PLMJ team, led by partner Jorge Brito Pereira, is advising Santoro, a major shareholder in Banco BPI, in relation to the proposed transaction.