Barcelona-based CaixaBank to sell 10.1% of Carlos Slim's Grupo Financiero Inbursa

Barcelona (ACN).- The Catalan company, which is the main bank operating in the Spanish market, will sell half of its shares in Grupo Financiero Inbursa (GFI), the financial group owned by the Mexican billionaire Carlos Slim. Caixabank currently controls 20% of the GFI shares. The Catalan bank confirmed on Friday that it will sell 3.7% of GF Inbursa to Inmobiliaria Carso in the coming weeks, which is also owned by the Slim family. Caixabank is selling the 3.7% of GFI for €387 million, corresponding to 250 million shares at a cost of 1.52 euros per share (26 pesos). With this operation, the Barcelona-based entity will earn a capital gain of €33 million. Besides, the Catalan bank aims to sell another 6.4% of GIF shares to institutional and retail investors from Mexico and international markets. After completing both sales, Caixabank will still control between 9% and 9.9% of GFI.

On the 23^rd of May, CaixaBank communicated to the Spanish Stock Market Regulation Authority (CNMV) that it was “analysing” the option to sell around half of its shares in Carlos Slim’s GF Inbursa. The Catalan bank joined Mexico’s largest financial group in 2008, investing €1.6 billion.

Within the next few days, Caixabank will present a proposal to sell 6.4% of GFI to the National Banking and Stock Exchange Commission of Mexico. The Barcelona-based company’s objective is to place 4.5% of GFI, corresponding to 296 million shares, within the Mexican and international markets. They will do this firstly by making a secondary public offer on the Mexican Stock Market and secondly by making a private placement in international markets. Besides, Inversora Bursátil – a GFI subsidiary company – has engaged in placing an additional 30% of the shares that will be sold in this process, as a way to back Caixabank’s operation. Therefore, Inversora Bursátil would place a maximum of 1.9% of GFI shares. Caixabank aims to complete this operation by the end of June or July.