Portugal's Banco BPI offers up Angola stake to ease Caixabank bid

September 21, 2016 9:15 AM

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LISBON, Sept 21 Banco BPI has proposed selling a 2 percent stake in its Angolan unit in a last-ditch bid to secure a takeover by Spain's Caixabank, which has been blocked by Isabel dos Santos, who has a stake of about 20 percent in the Portuguese bank.

BPI's board proposed the sale of the stake to Angolan mobile operator Unitel, which is indirectly controlled by dos Santos, in exchange for Luanda's support in a BPI shareholder vote to lift a voting rights cap which is scheduled for Wednesday.

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