CaixaBank SA, Spain’s third-largest lender, on Wednesday increased its offer for Banco BPI SA after shareholders in the Portuguese bank agreed to end voting-rights limits, paving the way for the fresh takeover bid.
The Barcelona-based lender offered 1.134 euros in cash per share for the 55 percent of BPI that it does not already own, it said in a regulatory filing.
CaixaBank had offered 1.113 euros per share in April when it launched its second takeover bid for the Portuguese lender.
The new offer came just hours after BPI shareholders scrapped a 20 percent cap on shareholders’ voting rights — a key condition CaixaBank had set for its takeover offer.
The move followed months of jockeying over a majority stake BPI holds in the top bank in oil and diamond rich Angola.
Tighter rules from the European Central Bank mean BPI and CaixaBank need to put aside more money for potential losses by Banco de Fomento Angola (BFA).
CaixaBank has for months been trying to work out a deal with investor Isabel dos Santos, the daughter of Angolan President Jose Eduardo dos Santos, who owns an 18.6 percent stake in BPI.
BPI said late on Tuesday it was ready to sell a 2 percent stake in BFA to a mobile operator controlled by Isabel dos Santos. That would drop its holding in BFA to a minority stake and reduce the need to set aside money for potential losses.
Shareholders present at Wednesday’s meeting said representatives of Isabel dos Santos abstained from the vote.
Among the rows of vibrators, rubber torsos and leather harnesses at a Chinese sex toys exhibition in Shanghai this weekend, the beginnings of an artificial intelligence (AI)-driven shift in the industry quietly pulsed. China manufactures about 70 percent of the world’s sex toys, most of it the “hardware” on display at the fair — whether that be technicolor tentacled dildos or hyper-realistic personalized silicone dolls. Yet smart toys have been rising in popularity for some time. Many major European and US brands already offer tech-enhanced products that can enable long-distance love, monitor well-being and even bring people one step closer to
Malaysia’s leader yesterday announced plans to build a massive semiconductor design park, aiming to boost the Southeast Asian nation’s role in the global chip industry. A prominent player in the semiconductor industry for decades, Malaysia accounts for an estimated 13 percent of global back-end manufacturing, according to German tech giant Bosch. Now it wants to go beyond production and emerge as a chip design powerhouse too, Malaysian Prime Minister Anwar Ibrahim said. “I am pleased to announce the largest IC (integrated circuit) Design Park in Southeast Asia, that will house world-class anchor tenants and collaborate with global companies such as Arm [Holdings PLC],”
TRANSFORMATION: Taiwan is now home to the largest Google hardware research and development center outside of the US, thanks to the nation’s economic policies President Tsai Ing-wen (蔡英文) yesterday attended an event marking the opening of Google’s second hardware research and development (R&D) office in Taiwan, which was held at New Taipei City’s Banciao District (板橋). This signals Taiwan’s transformation into the world’s largest Google hardware research and development center outside of the US, validating the nation’s economic policy in the past eight years, she said. The “five plus two” innovative industries policy, “six core strategic industries” initiative and infrastructure projects have grown the national industry and established resilient supply chains that withstood the COVID-19 pandemic, Tsai said. Taiwan has improved investment conditions of the domestic economy
MAJOR BENEFICIARY: The company benefits from TSMC’s advanced packaging scarcity, given robust demand for Nvidia AI chips, analysts said ASE Technology Holding Co (ASE, 日月光投控), the world’s biggest chip packaging and testing service provider, yesterday said it is raising its equipment capital expenditure budget by 10 percent this year to expand leading-edge and advanced packing and testing capacity amid strong artificial intelligence (AI) and high-performance computing chip demand. This is on top of the 40 to 50 percent annual increase in its capital spending budget to more than the US$1.7 billion to announced in February. About half of the equipment capital expenditure would be spent on leading-edge and advanced packaging and testing technology, the company said. ASE is considered by analysts