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BCP signs agreement with Santander, BCP Pension to buy 10.5 pct of BPI UPDATE


Published : Mon, 29 Jan 2007 18:51
By : Agencies
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LISBON (AFX) - Banco Comercial Portugues said it has signed agreements with Grupo Banco Santander and BCP Pension Fund to acquire 10.5 pct of Banco BPI's share capital.

In a filing with stock market regulator CMVM, BCP said it will buy 5.87 pct or 44.6 mln shares of Banco BPI stock from Banco Santander and 4.63 pct or 35.1 mln shares from BCP Pension Fund.

After the acquisition, BCP will own 12.1 pct of BPI's share capital and 12.3 pct of its voting rights.

BCP said it has agreed with Santander to give its Portuguese unit Banco Santander Totta a qualified position on any disposal of branches or related assets imposed by the competition authority to allow the 4.33 bln eur bid for BPI to go ahead.

BCP said in the CMVM filing that the deal is a have ry positive step' in its bid to win control of BPI, and strengthened its confidence in the success of the offer.

BCP said it will buy 8.36 pct or 63.5 mln shares -- 28.4 mln held by Santander and 35.1 mln by BCP Pension fund -- at 5.70 eur per share in an over-the-counter transaction, the same price as the bid launched in March by BCP for smaller rival BPI.

The CMVM has already authorised BCP to buy shares over the counter not exceeding 10 pct of BPI. The acquisition by BCP of the remaining 2.13 pct of BPI held by Santander is subject to CMVM approval.

luis.morais@thomson.com

lm/har

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