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.