10 nov.: Microsoft CEO Says Surface Sales Starting 'Modestly' - ..
10 nov.: Representatives of Toyota Group Visit Indonesia, Express Renewed ..
10/11/2012 12:31:00

Banco Popular Sets Steep Discount for Big Rights Issue

Related content
15 févr. - 
JPMorgan Chase annonce le lancement de nouveaux program..
02 févr. - 
Bank of America déclare ses résultats financiers pour l..
04 janv. - 
Bank of America annonce des mesures au quatrième trimes..
Related debate
26 juin - 
google.com/finance
26 juin - 
tak, ja jeg syntes nok at kunne huske bla yahoos gode s..
26 juin - 
finans.yahoo.com Hvis du har en iphone. er der en rigti..

By Ilan Brat

MADRID--Spain's Banco Popular Espanol SA (POP.MC) said Saturday it would issue a huge amount of new shares to investors at a steep discount to its current price to avoid having to take state aid.

The country's sixth-largest bank by assets said the new shares in the rights issue would be priced at 0.401 euros ($0.51) each, and existing shareholders would receive rights to buy three new shares for each share they already own. Banco Popular's shares closed Friday at EUR1.12.

Earlier this fall, an evaluation of Spain's banking sector found Popular would have a capital shortfall of EUR3.2 billion under heavy economic duress.

The capital increase is part of an attempt to ward off a capital injection from the rescue fund of up to EUR100 billion that Spain negotiated with the European Union for its financial sector this summer. Banks with capital shortfalls and in need of EU funds must submit recapitalization plans that will be evaluated by Spanish and European authorities.

As part of its rights issue, which could be valued at up to EUR2.5 billion, Banco Popular said it had hired 15 banks to underwrite EUR2.08 billion of the increase. Five banks--Deutsche Bank AG (DB, DBK.XE), Banco Santander SA (SAN, SAN.MC), UBS AG (UBSN.VX, UBS), Bank of America Corp. (BAC), and J.P. Morgan Chase & Co. (JPM)--will be global coordinators.

"We're aware that we're asking for sacrifice from shareholders," said Angel Ron, Popular chairman, during a special general shareholders meeting. "But without a doubt, this is an operation for the future, that assures our independence and profitability" and which will ultimately benefit shareholders that buy into the increase at attractive prices.

Write to Ilan Brat at ilan.brat@wsj.com

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

(END) Dow Jones Newswires

November 10, 2012 06:31 ET (11:31 GMT)

Copyright (c) 2012 Dow Jones & Company, Inc.

10 nov.: Microsoft CEO Says Surface Sales Starting 'Modestly' - ..
10 nov.: Representatives of Toyota Group Visit Indonesia, Express Renewed ..

Envoyer un commentaire

Related debate

  • 1 semaine
  • 1 mois
  • 1 an
Ingen indlæg

Annonces

Actualité la plus lue

  • 24 heures
  • 48 heures
  • 1 semaine
1
Crédit Agricole d'Ile-de-France : communiqué de mise à disposition du rapport d'activité semestriel au 30062014
2
SOCIETE GENERALE : INFORMATION FINANCIERE TRIMESTRIELLE, T2-2014
3
CREDIT AGRICOLE NORD DE FRANCE : MISE A DISPOSITION DU BILAN SEMESTRIEL DU CONTRAT DE LIQUIDITE 2014
4
Crédit Agricole de Normandie Seine : mise à disposition du rapport financier semestriel 30 juin 2014
5
Sanofi : Mise en ligne du rapport financier semestriel 2014

Related stock quotes

Bank of America Corp 14,98 -1,8% Cours de bourse en baisse
JPMorgan Chase & Co 56,48 -2,1% Cours de bourse en baisse
Banco Santander SA 9,90 -0,7% Cours de bourse en baisse
UBS N 15,67 0,0% Cours de bourse inchangé
UBS AG (Switzerland) 17,18 0,1% Cours en hausse
Deutsche Bank AG 33,94 -0,6% Cours de bourse en baisse
Banco Santander S.A. ORD.. 587,48 -1,3% Cours de bourse en baisse
Banco Santander 7,40 -0,1% Cours de bourse en baisse
Bank of America COM STK .. 14,92 6,6% Cours en hausse
Banco Santander 7,14 -6,1% Cours de bourse en baisse
JP Morgan COM STK USD1 58,39 0,0% Cours de bourse inchangé
Deutsche Bank 25,77 0,5% Cours en hausse

Buy and sell signals

  • Tendance
  • Moneymachine

Related companies
Get access to information and recommendations of related companies with our PLUS package.

You get access to 7 valuable investment tools.

Click here to read more about the PLUS package.
Euroinvestor dans le monde entier: Euroinvestor.dk | Euroinvestor.se | Euroinvestor.no | Euroinvestor.com | Forexinvestor.com| Wisselkoersen.nl | Valuta.se | Valutaveksel.no | Divisas.es | Valute.it
Droit d'auteur Euroinvestor A/S 2014   Mentions légales et conditions d'utilisation
Information sur les cours fournies par Interactive Data.
Les données sont différées de 15 à 20 minutes selon les accords avec les différentes bourses internationales.
 
samedi 2 août 2014 08:30:20
(UTC+01:00) Brussels, Copenhagen, Madrid, Paris
Version: LiveBranchBuild_20140731.2 - EUROWEB6 - 2014-08-02 08:30:20 - 2014-08-02 08:30:20 - 4 - Website: OKAY