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Bankia and BMN complete their legal merger with the registration of the transaction in the Commercial Registry

08 January 2018

Category: Corporate

  • Now that the merger deed has been registered, the exchange of BMN shares for Bankia shares will go ahead
  • The exchange ratio will be one Bankia share for every 7.82987 shares of BMN
  • To carry out the share swap, Bankia will issue 205,630,814 new shares with a nominal value of one euro per share
  • It is expected that BMN shareholders will have the Bankia shares delivered in the exchange at their disposal no later than 12 January and that those shares will be admitted to trading on or around 15 January

The deed of the merger between Bankia and BMN was registered today, Monday, in the Valencia Commercial Registry, thus bringing the merger into effect.

The creation of a single legal entity will allow the resulting bank to consolidate its franchise as the fourth largest financial institution in the Spanish market, with managed assets of 223,000 million euros.

Once the authorisations required by the Spanish government and regulatory and supervisory bodies had been obtained, registration in the Commercial Registry was a prerequisite to be able to proceed with the exchange of BMN shares for Bankia shares.

The exchange ratio finally set is one ordinary share of Bankia, with a nominal value of one euro, for every 7.82987 ordinary shares of BMN, also with a nominal value of one euro per share, with no additional cash consideration.

To carry out the exchange, Bankia will issue a total of 205,630,814 new shares with a nominal value of one euro per share.

GVC Gaesco Beka will act as agent for the merger exchange and will also be the odd-lot agent, tasked with acquiring any shares or fractions of shares of BMN which, under the exchange ratio, do not entitle their holders to receive one whole share of Bankia.

The bank expects that BMN shareholders will have  the Bankia shares delivered in the exchange at their disposal no later than 12 January 2018.

Furthermore, it is expected that the new shares issued in the merger will be admitted to trading on the Spanish stock exchanges on or around 15 January.

The merger was approved by the two companies' General Meetings of Shareholders on 14 September 2017 in accordance with the terms of the Common Draft Terms of Merger reported on 26 June last year.

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