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Spain's CaixaBank to drop acquisition bid for Portugal's BPI

Source: Reuters - Thu 18th Jun 2015
Spain's CaixaBank to drop acquisition bid for Portugal's BPI

Spain's Caixabank said on Thursday it would withdraw its takeover offer for Portugal's BPI, as one of the key conditions of its offer will not be met.

The Portuguese bank on Wednesday failed in its bid to eliminate a 20% cap on voting rights, which was a condition for Caixabank's bid launched in February.

Caixabank said in a statement it would analyse options for its 44.1% stake in BPI.

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