Bank of Portugal would block La Caixa's BPI stake hike if 'sound' mgt threatened |
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Published
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Tue, 30 Jan 2007 08:39
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LISBON (AFX) - The Bank of Portugal would only block Catalan savings bank La Caixa's plans to raise its stake in Banco Portugues de Investimento if the 'sound and prudent' management of the bank was under threat, Journal de Negocios reported citing the central bank.The Bank of Portugal comments come after Expresso cited unnamed sources at BPI's suitor Banco Comercial Portugues on Saturday as saying that Bank of Portugal governor Vitor Constancio should explain why he authorised La Caixa to raise its stake in BPI to 33 pct.A stake of 33 pct in BPI would give La Caixa enough weight among BPI shareholders to block certain motions at EGMs and AGMs.Expresso cited the same sources at BCP as saying that the bank has admitted defeat in its bid for BPI after La Caixa declared a 25 pct stake in the Porto-based bank, which contrasts sharply with BCP's BPI stake acquisition announced yesterday.After yesterday's stock market session, BCP said it has signed agreements with Banco Santander Central Hispano SA and its own pension fund to acquire 10.5 pct of Banco BPI's share capital.jonathan.gleave@thomson.comjg/anCOPYRIGHTCopyright AFX News Limited 2006. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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BCP accepts defeat in bid for BPI but not to withdraw bid - report 