BPI Falls Below CaixaBank Offer Price as Stock Resumes Trading

Banco BPI SA dropped below the price offered by CaixaBank SA for shares in the Portuguese lender as the stock resumed trading more than a week after being suspended.

The shares fell as much as 9.3 percent to 1.08 euros, the lowest since March 1, and traded 8 percent lower at 1.096 euros as of 4:16 p.m. in Lisbon. CaixaBank, Spain’s third-biggest lender, on Monday announced a bid of 1.113 euros a share for the 56 percent of Oporto, Portugal-based BPI it doesn’t already own. That offer is 16 percent lower than an unsuccessful bid of 1.329 euros a share made in February 2015.

CaixaBank is making a second attempt to take control of the Portuguese bank after failing to reach an agreement with Isabel dos Santos, BPI’s second-biggest shareholder, about BPI assets in Angola. Santoro Finance, an investment company controlled by Angolan investor dos Santos, last year blocked CaixaBank’s initial bid by opposing a change to limits on voting rights.

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