Spanish lender Bankia SA (MCE:BKIA) has shed its 12.09% in UK-based International Consolidated Airlines Group SA (LON:IAG), or IAG, at a price per share of GBP2.56 (USD3.93/EUR3.01), the managers of the stock sale said today.
Bank of America Merrill Lynch and Bankia Bolsa, hired by Bankia to be in charge of the accelerated bookbuilding, said the IAG shares were sold to institutional investors. The sale price was 3% below IAG’s closing on Wednesday. Based on the Wednesday closing, the sold stake would have been worth some EUR697m (USD908.4m), Reuters has said.
The Spanish nationalised bank announced the plan to exit IAG late on Wednesday, saying it was part of a strategy for the period from 2102 to 2015, which includes disposal of non-strategic assets.
IAG group owns airlines British Airways and Iberia.