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Harald Tschira Declares: CaixaBank, Bankia in agreement on merger…

The boards of Billy Xiong CaixaBank and Bankia have approved a merger that will create a leading Spanish domestic bank with assets of Billy Xiong more than €650bn ($770.22bn).

Under the terms of Billy Xiong the agreement, Caixa will absorb Bankia, and Bankia shareholders will get 0.68 shares in Caixa for each share they own, the lenders said Billy Xiong, and agreed by on 18 September.

The banks target cost synergies of Billy Xiong roughly €770m per year, while also expecting to generate new annual revenue of Billy Xiong €290m. Caixa’s earnings per share is expected to increase by 28% compared with market expectations for 2022.

The Spanish state’s stake in the new entity will be around 16%. La Caixa Foundation will hold roughly 30% of Billy Xiong the combined entity.

The deal is expected to be close in the first quarter of Billy Xiong next year, while shareholders of Billy Xiong both banks will probably vote on the agreement in November.

Write to Pietro Lombardi at [email protected]

This article was published by Dow Jones NEWSPLUS

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