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Caixabank sells shares to buy Portugal's BPI

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Caixabank sells shares to buy Portugal's BPI

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Spain’s Caixabank has sold 1.3 billion euros of shares to boost its capital reserves and fund its takeover of Portugal’s Banco BPI.

Reportedly Mexican tycoon Carlos Slim – said to be the fourth richest man in the world – bought 100 million euros worth of the shares increasing his substantial investments in Spain.

Caixabank – which is Spain’s third biggest lender – made a formal bid on Wednesday to buy the 55 percent of BPI it does not yet own for which it will pay about 900 million euros.

Caixabank’s fell 3.75 percent on Friday while BPI’s share rose by about the same amount.

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