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

ALLIANZ (ALV)
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Popular offers steep discount on rights issue

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11/10/2012 | 12:02pm CEST

MADRID (Reuters) - 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.

MADRID (Reuters) - 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
Stocks mentioned in the article
ChangeLast1st jan.
ALLIANZ -0.18% 191.74 Delayed Quote.0.32%
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Financials (€)
Sales 2018 122 B
EBIT 2018 11 362 M
Net income 2018 7 533 M
Debt 2018 -
Yield 2018 4,51%
P/E ratio 2018 11,01
P/E ratio 2019 10,43
Capi. / Sales 2018 0,70x
Capi. / Sales 2019 0,68x
Capitalization 84 581 M
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Technical analysis trends ALLIANZ
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Mean consensus OUTPERFORM
Number of Analysts 32
Average target price 213 €
Spread / Average Target 11%
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Managers
NameTitle
Oliver Bäte Chief Executive Officer
Michael Diekmann Chairman-Supervisory Board
Christof Mascher Chief Operating Officer
Giulio Terzariol Chief Financial Officer
Rolf Zimmermann Vice Chairman-Supervisory Board
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