Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  Equities  >  Xetra  >  Allianz SE    ALV   DE0008404005

SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector newsTweets 

Popular offers steep discount on rights issue

share with twitter share with LinkedIn share with facebook
share via e-mail
0
11/10/2012 | 12:02pm CEST

Spain's Banco Popular (>> Banco Popular Espanol SA) offered a steeper-than-expected discount on a 2.5-billion-euro ($3.2 billion) new share issue in a last-ditch attempt to avoid the need for European aid to shore up its finances.

Spain's Banco Popular (>> Banco Popular Espanol SA) offered a steeper-than-expected discount on a 2.5-billion-euro ($3.2 billion) new share issue in a last-ditch attempt to avoid the need for European aid to shore up its finances.

Popular, the country's sixth-biggest bank, unveiled plans for the share issue after an independent stress test of Spain's financial system, published in September, showed it needed an extra 3.2 billion euros to weather a serious economic downturn.

The bank, which like its domestic peers is saddled with bad debts after a burst property bubble, was the largest non-nationalized Spanish entity to fail the stress test.

Popular is offering three new shares for every old one at a price of 0.401 euros each. This represents a 64 percent discount to Friday's closing share price of 1.118 euros, much steeper than the 50 percent discount flagged by the bank in October.

It is 76 percent discount to the 1.701 euros the shares closed on September 28 when the Oliver Wyman audit revealed the capital shortfall at Popular, prompting its plans for a rights issue.

"Despite increased uncertainty in the next two years and very high economic risks, the most sensible option for this bank is to continue its current business model," Popular Chairman Angel Ron said on Saturday while seeking shareholder approval for the plan.

The bank said 15 institutions had underwritten the capital increase with commitments of 2.08 billion euros. Core shareholders like German insurer Allianz (>> Allianz SE) had already said they would support the issue. ($1 = 0.7868 euros)

(Reporting By Tomas Gonzalez; Writing by Tracy Rucinski; Editing by Toby Chopra)

By Tomás Cobos

Stocks treated in this article : Allianz SE, Banco Popular Espanol SA
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on ALLIANZ SE
03/22 ALLIANZ : Worldwide Partners insures EasyMile’s autonomous vehicles
03/13 ALLIANZ : Real Estate reaches 50 billion euros global portfolio
03/13 INSURANCE MARKETS IN 2016 : China saves the day
03/10DJALLIANZ : Monte dei Paschi to Jettison $30 Billion in Bad Loans in Fire Sale--Up..
03/10DJItaly's Monte dei Paschi to Jettison $30 Billion in Bad Loans in Fire Sale
03/10 AXA : Share turnover by fund managers not helping business - expert
03/09 ALLIANZ SE : Supervisory Board appoints new Board Members and proposes candidate..
03/09 ALLIANZ : Supervisory Board appoints new board members
03/09 ALLIANZ DEUTSCHLAND CUSTOMER REPORT : A Tale of Tales
03/09 ALLIANZ DEUTSCHLAND 2016 RESULTS : All lines show revenue gains
More news
Sector news : Multiline Insurance & Brokers - NEC
03/18DJAMERICAN INTERNATIONAL : AIG CEO to Receive $5 Million for Transition Service
03/17 KKR, Canada's Caisse to buy U.S. insurance broker USI
03/14 Blackstone picks Luxembourg for EU base - Luxembourg official says
03/14DJHSBC's New Boss Is Tough, Direct -- WSJ
03/13DJDEMANDING AND DIRECT : HSBC's New Chairman Mark Tucker -- Update
More sector news : Multiline Insurance & Brokers - NEC
News from SeekingAlpha
03/03 Pimco's got a new star
02/17 Allianz's (AZSEY) CEO Oliver Bäte on Q4 2016 Results - Earnings Call Transcri..
02/17 Allianz SE ADR 2016 Q4 - Results - Earnings Call Slides
02/17 Allianz reports Q4 results
01/24 Generali Woes Defy Easy M&A Solution
Advertisement
Financials (€)
Sales 2017 115 160 M
EBIT 2017 10 199 M
Net income 2017 6 949 M
Debt 2017 -
Yield 2017 4,63%
P/E ratio 2017 11,06
P/E ratio 2018 10,60
Capi. / Sales 2017 0,67x
Capi. / Sales 2018 0,68x
Capitalization 77 484 M
More Financials
Chart ALLIANZ SE
Duration : Period :
Allianz SE Technical Analysis Chart | ALV | DE0008404005 | 4-Traders
Full-screen chart
Technical analysis trends ALLIANZ SE
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Technical analysis
Income Statement Evolution
More Financials
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 31
Average target price 174 €
Spread / Average Target 2,9%
Consensus details
EPS Revisions
More Estimates Revisions
Managers
NameTitle
Oliver Bäte Chief Executive Officer
Helmut Perlet Chairman-Supervisory Board
Christof Mascher Chief Operating Officer
Dieter Wemmer Chief Financial Officer
Wulf H. Bernotat Co-Vice Chairman-Supervisory Board
More about the company
Sector and Competitors
1st jan.Capitalization (M$)
ALLIANZ SE7.99%83 644
CHUBB LTD2.98%63 374
AMERICAN INTERNATIONAL..-6.78%59 636
ZURICH INSURANCE GROUP..2.25%43 507
MARSH & MCLENNAN COMPA..10.33%38 404
BB SEGURIDADE PARTICIP..5.86%18 691
More Results