July 22, 2016 / 12:21 PM / 3 years ago

Banco BPI vote on rights cap suspended for 45 days

PORTO, Portugal, July 22 (Reuters) - A meeting of shareholders in Portugal’s Banco BPI, that started on Friday and was expected to lift a 20 percent limit on voting rights, was suspended until September after a legal injunction, in a new snag for an ongoing takeover bid by Spain’s Caixabank.

Shareholders said the meeting was suspended for 45 days after Portuguese shareholder Violas Ferreira, who has a 2.7 percent stake, presented an injunction blocking the vote.

The bank’s second-largest shareholder, Angolan investor Isabel dos Santos, has long been opposed to Caixabank’s taking control of the country’s third-largest lender and the voting rights cap has so far allowed her to fend off Caixabank’s advances. (Reporting By Sergio Goncalves, writing by Andrei Khalip, editing by Axel Bugge)

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