The deadline to complete this phase of the process ended on Monday.

Caixabank announced it would launch a takeover of BPI last month and hopes to get 70% of the capital, it currently owns 44.1%.

The Spanish bank is offering €1.113 a share and the operation depends on eliminating the block on voting rights that limit these rights to 20%.

The Portuguese government has approved a law allowing this limit to be removed, but under the rules from the European Central Bank (ECB) BPI is still over-exposed to the risk of Angola, since it owns 50% of Banco Fomento e Angola.

BPI shares were rising 0.54% on Tuesday to €1.117.