BCP/BPI Revenge is sweetened

BPI, the Portuguese bank, is giving a bravura display of how to press home the advantage. Not content with batting away a E5.3bn bid from BCP, its larger rival, in May, BPI has turned the tables with an approach on its own terms. The deal would pay BCP investors, who would contribute more than 70% of the combined company, a miniscule 2% premium. In return, BPI would get a majority on the merged bank’s executive committee and punch above its weight on the supervisory board. That may be cheeky, bu...