Credit Agricole buys 14.99 pct of Bankinter for 809 mln eur UPDATE |
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Published
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Mon, 19 Nov 2007 09:01
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(adds info on Bankinter shareholdings)PARIS (Thomson Financial) - Credit Agricole said it has agreed to buy 14.99 pct of Bankinter from a group of investors in the Spanish bank for 809 mln eur.The purchase raises Credit Agricole's stake to 19.53 pct.The investors are represented by Bankinter SA's second largest shareholder, Ramchand Bhavnani.The price of 13.6 eur per share values Bankinter at 5.4 bln eur.The acquisition will be financed through Credit Agricole's own resources and was conducted independently of any other Bankinter shareholders.The move is aimed at developing further its position in the Spanish and European markets.Bhavnani is listed by Spanish market regulator CNMV as controlling the 14.99 pct stake through a direct holding of 0.013 pct and an indirect holding of 14.978 pct.Credit Agricole's purchase of that stake makes it Bankinter's largest shareholder, eclipsing Cartival SA, which has a direct stake of 16.147 pct.tfn.paris@thomson.commjs/nesCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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Credit Agricole buys 14.99 pct of Bankinter for 809 mln eur 