Spain’s Caixa Bank launches billion euro takeover bid for Portugal’s BPI

Spain’s Caixabank has issued a €1.08 billion takeover bid for BPI, the Portuguese bank in which it is already the largest investor. Caixabank took over the Spanish operation of Barclays in December (paying over €800 million). A BPI takeover would put Caixabank up as one of the Iberian Peninsula’s “big three”, along with Spanish rivals Banco Santander and BBVA. The bid, however, comes with certain conditions.

These involve BPI shareholders accepting to remove a restriction on shareholder voting rights, reports the Daily Telegraph.

At present, BPI’s rules limit the voting rights of any individual shareholder to 20 percent of the share capital.

Caixabank may have another reason for the bid.

BPI is believed to be one of the frontrunners “in the auction of Novo Banco”.

The list of banks bidding for Novo Banco is set to be revealed by the end of March.