CaixaBank tables second bid for Portugal's BPI

Spain's CaixaBank offered to purchase the remainder of Portugal's Banco BPI SA despite its inability over the weekend to reach a deal with one of the largest shareholders in its rival.

On Monday, Barcelona-based CaixaBank, which already owned 44.0% of BPI, tabled a bid worth €1.113 per share in cash for the rest of the bank.

For the transaction to proceed, Spain's third-largest bank needed the approval from shareholders' representing at least half of BPI's stock.

BPI's shareholders would also need to strike down an existing 20.0% cap on any investors' voting rights.

Such a move was opposed by Isabel dos Santos, who owned an 18.6% stake in the Portuguese lender via her investment company, Santoro Finance, and an additional 2.3% through Angolan lender Banco BIC SA.

Dos Santos blocked another buy-out offer from CaixaBank in 2015 by voting against changes to the voting rights.

BPI was facing a deadline from the European Central Bank to reduce its exposure to Angola and its shares had been halted from trading since 8 April.

CaixaBank's take-over offer followed the September 2015 purchase of Barclays's Portuguese retail banking unit by another Spanish lender, Bankinter, and Banco Santander's acquisition of Banco Internacional do Funchal SA for €150m in December.