The ‘low price’ offered by Fernando Ulrich at Banco Português de Investimento (BPI) for Novo Banco, owned by the taxpayer, has been firmly rejected by the Bank of Portugal.
Under the offer terms, Ulrich can ask for ‘clarification’ of the decision anytime before the weekend but it is unlikely that he will forward a sweetened proposal or raise his price as BPI also is engaged in a complicated and distracting takeover bid from Spain’s Caixa Bank.