Angola’s dos Santos says Portugal govt made “clearly partial” decision on BPI

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Angola’s dos Santos says Portugal govt made “clearly partial” decision on BPI

10:15 CAT | 19 Apr 2016

File photo / Isabel dos Santos

Santoro Finance, Angolan investor Isabel dos Santos’ Portuguese holding company, said on Tuesday a decision by Portugal’s government to change shareholder voting rights favoring Spain’s Caixabank was “unprecedented and clearly partial.”

Dos Santos is the second largest shareholder in Banco BPI after Caixabank, which launched a takeover bid for BPI on Monday after failing to reach an agreement on buying out her stake of 18.6 percent.

Santoro said in a statement the agreement with Caixabank was never finalised. “And, as it was never finalised, it is false that Santoro broke any agreement,” it said.

Caixabank, which holds 44 percent of BPI, has been trying for more than a year to buy up the rest of BPI but dos Santos, the daughter of Angola’s president and Africa’s richest woman, has consistently blocked the attempts.

The change in the voting rights helped Caixabank to make its latest bid for BPI, which is now more likely to succeed.

Source: Reuters