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CaixaBank Said to Be in Talks With Dos Santos Over BPI Stake
March 1, 2016 — 7:28 PM WET

CaixaBank SA, Spain’s third-largest bank, is in talks with Angolan investor Isabel dos Santos to acquire her stake in Portugal’s Banco BPI SA, according to people with knowledge of the matter.
The lender and Dos Santos may reach an agreement over the approximately 21 percent stake in the coming days, said two people familiar with the talks, asking not to be identified because the matter is private. Purchasing the stake would force CaixaBank to make an offer for the entire company. No final decisions have been made and the talks may still fall apart, they said.
Spokesmen for BPI and CaixaBank declined to comment. Dos Santos’s spokesman in Lisbon was not immediately available to comment.
CaixaBank is seeking to increase its stake in BPI after last year scrapping a 1.1 billion-euro ($1.2 billion) offer to buy the remaining 56 percent in the Portuguese bank that it didn’t already own. BPI’s board is seeking to remove a rule restricting a single investor’s voting rights to 20 percent as it may “condition” the involvement of shareholders it said last month.
Dos Santos, BPI’s second-biggest shareholder, opposed CaixaBank’s offer last year. Her holding company, Santoro Finance, has an 18.6 percent stake in the company. She controls another 2.3 percent holding through Angolan bank Banco BIC SA. Dos Santos is BIC’s biggest shareholder with a 43 percent stake.

http://www.bloomberg.com/news/articles/2016-03-01/caixabank-said-to-be-in-talks-with-dos-santos-over-bpi-stake