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    ALV   DE0008404005

ALLIANZ (ALV)
Mes dernières consult.
Most popular
Report
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 CET

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
12/11 ALLIANZ SE : Release of a capital market information
12/11 ALLIANZ : Appeal Court to Begin Hearing On Kashamu Extradition Suit
12/11 ALLIANZ : Millennials are optimistic pessimists
12/11 ALLIANZ : Nurlana Mammadzadeh appointed new Sec.Gen. of AGF
12/10 ALLIANZ : Burning issue with Allianz as it rejects modest claim for travel essen..
12/10 ALLIANZ : LV= General Insurance Announces New Executive Team
12/09 ALLIANZ : Nurlana Mammadzadeh appointed new General Secretary of AGF
12/08 ALLIANZ : Global Assistance Wins Customer Experience Excellence Award
12/08 PAN AFRICAN RESOURCES : African Guarantee Fund offers Sh8.2bn for local SMEs in ..
12/07 PAN AFRICAN RESOURCES : African Guarantee Fund offers Sh8.2bn for local SMEs in ..
More news
News from SeekingAlpha
11/28 ALLIANZ SE PURCHASING EULER HERMES : The Win-Win Situation
11/27 Allianz Acquires 11.34% Holding In Euler Hermes
11/22 Buy Zurich For Its 5.7% Yield
11/13 Allianz SE ADR 2017 Q3 - Results - Earnings Call Slides
11/10 Allianz reports Q3 results
Financials (€)
Sales 2017 116 B
EBIT 2017 10 785 M
Net income 2017 7 106 M
Debt 2017 -
Yield 2017 4,00%
P/E ratio 2017 12,49
P/E ratio 2018 11,64
Capi. / Sales 2017 0,77x
Capi. / Sales 2018 0,75x
Capitalization 88 841 M
Chart ALLIANZ
Duration : Period :
Allianz Technical Analysis Chart | ALV | DE0008404005 | 4-Traders
Technical analysis trends ALLIANZ
Short TermMid-TermLong Term
TrendsBearishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 34
Average target price 204 €
Spread / Average Target 2,2%
EPS Revisions
Managers
NameTitle
Oliver Bäte Chief Executive Officer
Michael Diekmann Chairman-Supervisory Board
Christof Mascher Chief Operating Officer
Dieter Wemmer Chief Financial Officer
Rolf Zimmermann Vice Chairman-Supervisory Board
Sector and Competitors
1st jan.Capitalization (M$)
ALLIANZ26.85%104 554
CHUBB LTD13.67%69 657
AMERICAN INTERNATIONAL GROUP-8.82%53 497
ZURICH INSURANCE GROUP5.81%45 301
MARSH & MCLENNAN COMPANIES, INC.25.77%42 936
HARTFORD FINANCIAL SERVICES GROUP INC14.67%19 680