Liberbank follows Bankia’s Spain deal to sell Indra stake
Liberbank, the Spanish bank, raised €89.5m from a sale of 5% of Spanish defence technology firm Indra Sistemas on Monday evening, taking advantage of a surprise deal that saw larger, government-controlled, rival Bankia off-load its own 20% holding in the stock to SEPI, the state’s industrial holdings company.
Market participants had thought Bankia’s Indra stake would be sold through a market transaction, with bankers saying big short positions had been built up and long only funds had prepared for the large block.
But with the overhang eliminated by Bankia’s deal with SEPI announced on Friday, Indra
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