Caixabank sells shares to buy Portugal's BPI

By Euronews

Published on 23/09/2016 - 14:20

Spain’s Caixabank has sold 1.

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.

Carlos Slim buys into 1.3 billion euro share sale by Spain's Caixabank https://t.co/LkokpvoK2B
— Jennifer Ablan (@jennablan) September 23, 2016

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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