Bankia: top riser in Madrid; to merge with BMN.
(CercleFinance.com) - Bankia shares are in pole position on the Ibex 35 this morning, with the Bankia share welcoming the official announcement of the Spanish bank's merger with Banco Mare Nostrum (BMN), which will be settled in shares.
There have been several press reports about this in recent days.
To complete the deal, Bankia will issue 205.6 million new shares or 6.7% of its capital after the deal, in settlement of BMN securities.
The deal values BMN at 825 million euros, or 0.41x its asset value. Bankia estimates resulting synergies at 155 million euros (i.e. 40% of BMN's cost basis), the bulk of which is expected to materialise from the second year after the deal is completed.
Copyright (c) 2017 CercleFinance.com. All rights reserved.
There have been several press reports about this in recent days.
To complete the deal, Bankia will issue 205.6 million new shares or 6.7% of its capital after the deal, in settlement of BMN securities.
The deal values BMN at 825 million euros, or 0.41x its asset value. Bankia estimates resulting synergies at 155 million euros (i.e. 40% of BMN's cost basis), the bulk of which is expected to materialise from the second year after the deal is completed.
Copyright (c) 2017 CercleFinance.com. All rights reserved.