Deals
BPI Scraps Voting Limits, Allowing CaixaBank Bid to Proceed
- CaixaBank has sought to buy remainder of BPI for over a year
- Board proposes giving up majority control of Angolan unit BFA
This article is for subscribers only.
Banco BPI SA shareholders cleared the way for a takeover bid from Spain’s CaixaBank SA by agreeing to scrap voting rights limits at the Portuguese lender.
The proposal on removing the limits was backed by 88 percent of the votes at a meeting on Wednesday, BPI Chairman Artur Santos Silva said at a press conference in Oporto, northern Portugal. That was more than the required 75 percent. The meeting had been suspended for a second time earlier this month following a legal challenge from a shareholder.