October 20, 2020

The CNMV suspends the listing of Liberbank for the possible takeover of Abanca | Economy

The CNMV suspends the listing of Liberbank for the possible takeover of Abanca | Economy

The National Securities Market Commission (CNMV) has decided to provisionally suspend, with immediate effect, the negotiation of the shares of Liberbank for "concurring circumstances that could disturb the normal development of operations on these securities." The regulator suspends the quotation of the entity of Asturian origin before the rumors that Abanca prepares an OPA, as the newspaper publishes today Expansion. However, Liberbank has communicated to the CNMV a note in which it denies the information and affirms that it is still working on the merger project with the malagaña Unicaja.

In a relevant event issued this morning, Liberbank affirms that "it has not received any specific offer to date that corresponds to the content of said news nor is it in talks to carry out any strategic operation other than that communicated in the relevant event of December 12, 2018, in which, to this date, continues working. " In this communication, he informed of "contacts with Unicaja to analyze eventual opportunities between both entities", although he made it clear that it was preliminary.

In today's edition, however, the newspaper Expansión reports that Abanca, the entity resulting from the merger between the Galician savings banks Caixa Galicia and Caixa Nova prepares a takeover of the entity resulting from the union of Cajawstur, Caja Cantabria and Caja Extremadura . It would be, the newspaper explains, a three-way merger: through an exchange of shares with the three heirs of the Liberbank savings banks, so that they remain in the future combined company, and a payment to minority shareholders of 55 cents. per share, 40% above the close of yesterday. Before the suspension of trading, Liberbank's shares were at 39 cents, the price at which they closed yesterday after a drop of 0.76%.

Following the suspension of Liberbank's share price, the CNMV also decided to suspend Abanca's negotiation in the Fixed Income Market (AIAF) of its fixed income and preferred share issues.


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