The Portuguese Securities Market Commission (CMVM) decided to
suspend trading in BPI bank shares pending disclosure of relevant information
on the negotiations between the two major shareholders, said the regulator in a
statement.The suspension was decided Tuesday, before the stock started trading
and will continue until the disclosure of relevant information to the
institution, which did not happen by market close.The issue involves an
agreement between the two largest shareholders of the bank, Spain’s CaixaBank and
Santoro Finance of Angolan businesswoman Isabel dos Santos, which may result in
the launch of a tender offer (OPA) for BPI.Since last week there have been
reports of an agreement between the Spanish bank and the Angolan businesswoman
involving the sale of BPI’s interest in Banco Fomento Angola (BFA) to Isabel
dos Santos who, in turn, may sell her position the Portuguese bank.Also on
Tuesday, Santoro Finance issued a statement noting it was in negotiations with
CaixaBank to resolve the stalemate in negotiations on stakes in BPI, but said
that no agreement had yet been reached.
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