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The BPI case: governance and valuation under caixabank's takeover offer
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| 2.54 MB | Adobe PDF |
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This case study, supported by the corresponding teaching notes, explores the takeover of Banco Português de Investimento (BPI) by CaixaBank, controlled by La Caixa. Focusing on valuation and governance, it follows BPI’s history of failed mergers, ownership fights, and structural flaws that made the bank more susceptible to acquisition. It underscores the bank’s small size, inefficiency, and the increasingly concentrated control held by La Caixa, which raises doubts about the reasonableness of the acquisition price. These topics form a base on which banking consolidation, valuation in small financial markets and governance implications of cross-border transactions can be discussed.
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Banking Mergers and acquisitons Relative valuation Corporate governance Market competition