BPI soars on Caixabank's takeover bid

• In the latest shakeup of Portugal’s banking sector, Caixabank (OTCPK:CAIXY) has issued a takeover bid for Portugal's BPI (OTC:BBSPY) in a bid to become the largest lender in the Iberian region.
• CaixaBank, which already controls 44% of BPI, is offering as much as €1.1B ($1.3B), or 1.329 euros in cash per share.
• BPI is up 25% in Lisbon.