By Jeannette Neumann
MADRID-- Banco Bilbao Vizcaya Argentaria SA said Thursday that
the newly issued shares to finance the purchase of an additional
stake in Turkish lender Garanti were sold at EUR8.25 apiece.
Spain's No. 2 bank by market value said it issued 242.4 million
shares for a total of EUR2 billion ($2.51 billion) in capital. The
new shares, which were sold to institutional investors, represent
4.09% of BBVA's capital, the bank said Thursday in a regulatory
filing.
BBVA will use the funds to acquire an additional 14.89% stake in
Garanti, Turkey's largest lender by market value, in a bid to
bolster growth beyond its stronghold in Latin America and home
country of Spain.
That will raise BBVA's stake in Garanti to 39.9%.
The purchase won't trigger a full takeover offer for Garanti,
BBVA executives said Wednesday, since the Spanish lender will still
hold less than 50% of the company's shares.
The move means BBVA can appoint seven of the Turkish lender's 10
board members, up from four.
Bank of America Merrill Lynch and Morgan Stanley & Co. sold
the shares on behalf of the Spanish bank.
Write to Jeannette Neumann at jeannette.neumann@wsj.com
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