Major deal: The logo of Caixabank is seen outside a branch in Madrid. The biggest Spanish banking deal in two decades adds to signs that long-awaited financial industry consolidation in Europe is starting to kick off. — Reuters
CAIXABANK SA agreed to take over Bankia SA in a deal that values the state controlled lender at about 3.8 billion euros (US$4.5bil) and creates the biggest bank operating in Spain.
Bankia investors will receive 0.6845 shares in CaixaBank for each one they hold in Bankia, the lenders said in separate statements. That represents a premium of 20% based on Bankia’s share price on Sept 3, the day before a potential deal was reported.
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