Portugal's BPI Shares Halted Pending Announcement
June 18 2015 - 5:22AM
Dow Jones News
Patricia Kowsmann
LISBON--Banco BPI SA (BPI.LB) shares were suspended from trading
Thursday pending an announcement, the country's markets regulator
said.
BPI shareholders on Wednesday rejected a proposal to lift a 20%
cap on voting rights, representing another blow to Caixabank SA's
1.09 billion euro ($1.23 billion) takeover offer for the
lender.
Spain's Caixabank (CABK.MC) offered in February to buy the 55.9%
of the Portuguese lender that it doesn't already own for EUR1.329 a
share in cash. The offer was quickly considered too low by BPI's
board.
As part of the offer, Caixabank said BPI shareholders would have
to approve a change in the bank's laws to lift a current 20% cap on
voting rights.
Caixabank hasn't raised the offer or commented on its next
steps.
Write to Patricia Kowsmann at patricia.kowsmann@wsj.com
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