LISBON: Spain's Caixabank has to make a new mandatory takeover bid for Portugal's Banco BPI, Portugal's stock market regulator CMVM said on Wednesday, which could force an increase in the bid price of 1.113 euros a share offered in April.
The decision by CMVM came hours after shareholders in BPI lifted a 20 percent voting right limit, clearing the way for the takeover by the Catalonia-based giant, which already owns 45 percent of the bank, and ending months of wrangling between stakeholders.
The CMVM only said in a statement that a mandatory offer for all of BPI has to be launched, but did not specify if the price has to go up. Caixabank CEO said last week he had no plans to raise the "adequate" offer price.
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