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BFA sells 7.5% of Bankia for 1,304 million euros, enabling the State to start to recover the principal amount invested

28 February 2014

Category: Corporate

  • The total demand exceeded 2,500 million euros, almost twice the amount offered
  • The demand was highly fragmented and came almost entirely from international institutional investors

Banco Financiero y de Ahorros (BFA) has completed the sale of 7.5% of the capital of Bankia for  1,304 million euros, as a first step in the repayment of the state aid received by the Group.

BFA yesterday offered for sale 863.799 million shares of Bankia, representing 7.5% of the Bank's capital, at a price of 1.51 euros.

The selling price was 4.43% below the Bankia share price at the close of trading yesterday. Such a discount is normal in transactions of this kind and smaller than the discounts seen in similar recent transactions.

UBS, Morgan Stanley and Deutsche Bank acted as bookrunners. The total demand for Bankia shares exceeded 2,500 million euros, almost twice the amount offered.

BFA injected 10,620 million euros of capital into Bankia on 28 May 2013 at a price of 1.35 euros, thus acquiring 68.39% of the share capital. The sale of 7.5% generates a return of 12% on that price. For the BFA Group, however, the sale brings a net gain of 301 million euros. BFA retains 60.89% of the capital of Bankia.

This transaction demonstrates the extent of investor interest in the capital of Bankia and  improves the liquidity of the share by increasing the number of shares held by private shareholders.

IMPORTANT

This document is not for distribution or publication, directly or indirectly, in the United States, Canada, Australia or Japan or in any other jurisdiction in which the offer to which this refers could constitute a breach of law.

The offer of the abovementioned shares has not been and will not be registered under the US Securities Act of 1933 or with the supervisory authority of any other state or jurisdiction of the United States or under the securities laws of Canada, Australia or Japan. Consequently, subject to certain exceptions, the shares may not be offered or sold in the United States, Canada, Australia or Japan or any other jurisdiction in which their sale would constitute a breach of the law of that jurisdiction, or for the account or benefit of any person in the United States, Canada, Australia or Japan.

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