CaixaBank discovers its 9% stake in Repsol after two decades of relationship

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CaixaBank discovers its 9% stake in Repsol after two decades of relationship



The entity, whose executives will leave the board of the oil company, will obtain 2.500 million for the sale of that shareholding package


  CaixaBank has broken with Repsol the historical link that the two 1996 corporations maintained, after the financial entity announced the sale of the 9.36% that it still controlled in the oil company. This is the bank's last share package, whose relationship with Repsol has made it one of the reference owners.

   The operation is part of a completely different stage for the entity, whose objective is to "reduce the weight" of its investees by the consumption of capital that it supposes for the bank, within the lines set out in the Strategic Plan 2015-2018. In 2016, this peso in the form of capital represented 16% and in the second quarter of this year it had already fallen to 5% as a result of the different sales of shares carried out in other business groups in which it was present. This reduction was particularly influenced by the sale of the stakes in The Bank of East Asia and Grupo Financiero Inbursa, and the takeover of BPI.

With this last operation, CaixaBank expects to obtain a total of more than 2,500 million euros. The sale process will be articulated, on the one hand, by the early liquidation of the two existing equity swap contracts representing 4.61% of CaixaBank's stake in Repsol. And, on the other hand, a sales program for the remaining Repsol position of 4.75% will be started, with the aim of finalizing it before the close of the first quarter of 2019. Sales will be limited daily to a maximum of 15% of the daily volume

This last share of 4.75% will be accounted as a financial asset at fair value with changes in other comprehensive income. Therefore, after the entry into force of IFRS9 and in accordance with the group's accounting policy, fluctuations in the price of financial investments will have no effect on the income statement.

In addition, CaixaBank estimates that this sale will result in a net extraordinary loss of approximately 450 million euros, attributable to the third quarter of the year, with a practically neutral impact on the quality ratio (Tier 1). In addition, it reiterates the current objective of return on tangible capital of 9-11% for the entire year of 2018.

After the announcement, the nominee directors of CaixaBank on the board of directors of Repsol, Jordi Gual, chairman of CaixaBank, and Gonzalo Gortázar, CEO, have submitted their resignation from the position.

The 'la Caixa' Banking Foundation -owner of CriteriaCaixa and, at the same time, of CaixaBank- still has a portfolio of business interests in companies such as 24.4% of Naturgy (formerly Gas Natural Fenosa), 0.9% Telefónica, 6% of Suez, 6% of Cellnex and 50% of Saba. The shares of CaixaBank closed on Thursday - before the relevant event of the sale of Repsol in the CNMV was published - at 4.17 euros, after falling back by 0.55% with respect to the previous day.

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