Manufacturing Industry
Banks set boost stakes in Ence
PPI, Feb 2003
SPAIN
Spain's stock market watchdog, the Comision Nacional del Mercado de Valores (CNMV), has given the green light to Caixa Galicia and Banco Zaragozano's plans to boost their stakes in Ence. The banks are expected to launch the $37 million ($39 million) offer to buy a further 10% of Ence's stock for Euro 14.5/share shortly.
Caixa Galicia and Banco Zaragozano are two members of the consortium that bought a 24.99% stake in Ence when it was privatized in June 2001. The third member of the consortium is Bankinter.
Caixa Galicia is the leader of the trio with an 11.99% stake in Ence. The bank is set to extend its holding to 18.5% with the new offer. Banco Zaragozano's share in Ence is due to rise from 6.5% to 10%, while Bankinter's stake will remain at 6.5%.
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