Nationalized Spanish bank Bankia said Thursday it had sold its stake in International Consolidated Airlines Group SA for 675 million euros, or EUR3.01 a share, a narrow 2.9% discount compared with the stock’s closing price on Wednesday.
Bankia said after the close of the market Wednesday it had started a process of placing its 12.09% stake in IAG with investors. The bank sold 224.25 million shares and will make a net capital gain of EUR167 million from the sale.
Bankia has been compelled to sell its industrial stakes as a condition for receiving billions of euros in assistance, most of it coming from a European Union rescue package of EUR41 billion to clean up the Spanish banking system. Bankia continues to hold significant stakes in other listed companies.
In early trading on Thursday IAG shares opened 2.2% higher at EUR3.04. Bankia shares rose 2.9% to EUR0.601.
Source: Market Watch