UPDATE 1-Spain's Caixabank to drop bid for Portugal's BPI

June 18, 2015 5:34 PM

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MADRID, June 18 (Reuters) - Spain's Caixabank said on Thursday it would withdraw its takeover offer for Banco BPI after it hit several snags, paving the way for its possible exit from the Portuguese lender.

Caixabank, which already has a 44.1 percent stake in BPI, said it was walking away after shareholders in the Portuguese bank pushed back on one of the key conditions of its bid.

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