Spanish bank Bankia yesterday sold its 12.9% stake in International Airlines Group to institutional investors for €675 million.
The sale is being seen as positive for the parent company of British Airways and Iberia.
Diluting the 12.09% stake among many shareholders bolsters the liquidity of the shares and eliminates the possibility that the Bankia shares could fall into the hands of a potentially unfriendly acquirer, according to the Wall Street Journal.
The €3.01 per share price for the 224.5 million shares sold marked a narrow 2.9% discount to IAG’s closing price Wednesday.
Bankia, IAG’s largest shareholder, had been forced by the European Commission to sell its stake in return for accepting state aid.
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