Bankia sells 24.9% take in Realia to Slim's Grupo Carso; tender offer for remainder within nine months
Bankia on Wednesday disclosed that it would sell its 24.9% stake in Realia to Grupo Carso, a holding company controlled by Mexican billionaire Carlos Slim, according to two Spanish-language statements filed today with the Spanish securities regulator CNMV.
Carso will pay EUR 0.58 per share for a total of EUR 44.5m for the stake.
Completion of the transaction depends on authorizations from the Spanish Ministry of Finance and a satisfactory and independent valuation of the Carso offer.
Should the deal close, Carso will commit to launching a public tender for shares in Realia not already controlled by the Mexican holding company within nine months at a price of EUR 0.58 per share.
FCC, a company in which Carlos Slim recently became the single largest shareholder, announced last month that it would not be selling its c.25% in Realia, reversing a previous position held by FCC regarding its asset disposal strategy.
The complete statements in Spanish can be accessed here and here.
Spanish real estate trust Hispania is another potential bidder for Realia. Last month, it was reported that Hispania was not relinquishing its pursuit of Realia despite the emergence of Carlos Slim as a possible rival suitor and that it was considering raising its offer. The Spanish regulator (CNMV) is said to be currently studying a EUR 0.49 per share offer for 100% of Realia launched by Hispania in November 2014.
Source Stock Exchange Announcement (Translated), previously reported intelligence