Spain's Liberbank To Sell 5% Stake in Gas Grid Operator Enagas

By Enza Tedesco 
 

Spanish bank Liberbank SA said Wednesday it will sell nearly 11.94 million shares, or a 5% stake, in Spanish gas grid operator Enagas SA (ENG.MC) through an accelerated bookbuilding offer.

In a filing to the Spanish stock market regulator, the bank said it has mandated Barclays Bank PLC (BCS) to take care of placing the shares among Spanish and foreign qualified investors.

The entity resulting from a merger between Ibercaja, Caja3 and Liberbank, which was stress tested by Oliver Wyman recently, was one of the seven Spanish financial entities that failed the test showing a capital shortfall of 2.108 billion euros ($2.72 billion).

Earlier in September, another three savings banks--Caja Murcia, Caja Granada and Caja Castilla-La Mancha--sold their combined 5% stake in Enagas through an accelerated bookbuilding offer at a price of EUR14.7 per share, which represented a 4.6% discount to market prices.

Enagas shares closed at EUR16.02 on Wednesday.

Regulator Website: www.cnmv.es

Write to Enza Tedesco at [e-mail]

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