MADRID (Reuters) – The Caixa group prepares an operation that will allow you to monetize its stake in Repsol (REP.MC) valued at 2,600 million euros, reduce consumption of regulatory capital and maintain control over the oil.
The bank confirmed Friday statements of its President Isidre Faine the FT in the sense that there is a placement in your pipeline in bag Criteria and earlier, buy a hand holding 11.9 percent CaixaBank holds directly in the oil company Repsol, which is its largest shareholder. In any case, made clear that there is not even a fixed timetable plan right now.
CaixaBank would have to book your balance at least 2.5 percent of Repsol as it has issued in the market a convertible bonds of the oil that eventually would lead the delivery of that percentage of capital.
Given this information, participation to sell 9.4 percent, would have an approximate value of 2,400 million euros, according to analysts, Criteria could finance a bridge loan or a bond issue to repay once you make the placement Criteria bag.
“The operation can get them round” said an analyst. “On one hand maintain their participation and largest shareholder position in Repsol, on the other monetized in CaixaBank this participation and further reduce capital consumption posed keep it under the umbrella of the bank.”
The regulations European solvency capital penalizes non-bank holdings exceeding 15 percent of eligible capital, a case that applies to the participation of Repsol.
Although Repsol contributed in 2014 to balance CaixaBank 308 million euros in dividends, also has a high consumption of capital, since the cost of participation declared amounts to 3.413 million euros. It was not possible to contrast with the bank the impact on its share capital, when Caixa placed the convertible bond into shares of Repsol explained that the operation (affecting more than 2.5 percent of the oil) have a positive impact in its equity ratio fully loaded about 37 basis points.
Directly under the balance of CaixaBank also include multimillion exposure to 5.25 percent Telefonica (TEF.MC) whose market value is around 3,130 million euros and contributed EUR 177.6 million in dividends in 2014.
Sources close to the operation explained that participation in phone operator still remain with CaixaBank, which aims to build well synergies from technological expansion and digitization of the entity.
THIS IS A BANK HOLDING THIS ONE AND THIS ONE FOUNDATION
The Catalan group, one of the major banking powers of the country to be traditional financial support of the Spanish industry has one of the largest industrial portfolio in Europe, under the new renovation, will almost entirely managed in the holding with the presence of private investors.
According to analysts, the operation will also comply with the aim of CaixaBank focus its efforts on retail banking and the group can simultaneously manage its industrial portfolio outside the entity in a group that also controls one of the largest foundations in the world.
After his many forays into energy or concession businesses, the company has recently shown greater activity in the corporate banking business strictly with numerous purchases in Spain and in effect a takeover by its Portuguese owned BPI (BPPI.LS) which, in turn, could be financed with funds obtained by Repsol.
In Criteria, off-balance bank quoted are grouped among other interests 34.3 percent in Natural Gas (GAS.MC), 23.1 percent of Abertis (ABE.MC), both with high dividend profiles that seem best to attract investor interest in a hypothetical IPO.
Using data from the end of 2014. The net value of the assets grouped in the holding amounted to 20,040 million euros.
The operation IPO Criteria additionally comply with the objective of increasing private capital in CaixaBank since participation of 58.9 percent that the group holds in the bank – with an upcoming market value 15,000 million euros. – also hangs Criteria
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