ALIZF Allianz Ag Muenchen Namen (PK)

   By Nathan Allen 
 

CaixaBank SA (CABK.MC) said Monday it will acquire Allianz SE's (ALV.XE) 8.4% stake in Banco BPI S/A (BPI.LB) ahead of a planned delisting of the Portuguese bank from the Lisbon stock market.

CaixaBank said it agreed to pay Allianz 178 million euros ($212.9 million), or about EUR1.45 a share, for the stake, which will bring its total holding in BPI up to almost 93%.

The purchase price is equal to a nearly 23% premium over BPI's last closing price, CaixaBank said.

Following the completion of the stake sale, CaixaBank said it plans to buy out the remaining shares in BPI and remove the bank from the stock market.

CaixaBank will request BPI's chairman call a shareholders' meeting to propose the acquisition of the remaining shares and the delisting, according to a release from BPI.

Allianz also said it has agreed with CaixaBank to reorganize the Portuguese insurance partnership it previously held with Banco BPI in an effort to maintain and strengthen its non-life insurance business in the country.

Write to Nathan Allen at nathan.allen@dowjones.com

(END) Dow Jones Newswires

May 07, 2018 01:36 ET (05:36 GMT)

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