Spanish government open to sell controlling stake in Bankia to another bank
Spain's Minister of Economy, Nadia Calvino, has opened up the possibility that Bankia’s [BME:BKIA] privatisation process will not continue through the sale of packages, but rather as a block, Expansion reported, citing Calvino at an event organised by Europa Press held yesterday 5 December.
The minister, who did not specify whether the reference price for an eventual future privatization of Bankia could be close to that of the last sale, said that "selling 7% is not the same as selling the control over Bankia", the item said.
Calviño did not want to give the exact price at which the government, through the state’s Fondo de Reestructuración Ordenada Bancaria (FROB), could divest Bankia shares, beyond stating that in the current market conditions it is not convenient. But she opened the door to the fact that if some entity made an attractive offer for a 67% in Bankia that the State now controls, the State would accept it, the Spanish-language paper said.
Current Bankia managers have always been in favour of an exit through packages of shares placed on the market, so that the institution can continue to be independent within the Spanish financial sector. A block sale would drastically change the strategy followed so far.
The minister concluded by saying that the sale deadline, set for late 2019, may be delayed and that no option has been ruled out, Expansion added.