CaixaBank to Exit Repsol Stake by 1Q of 2019

   By Josh Beckerman

CaixaBank SA (CAIXY, CABK.MC) plans to sell all of its Repsol SA (REPYY, REP.MC) holdings, representing about a 9.4% stake in the energy company, by the first quarter of 2019, the bank said Thursday.

The bank said it expects to record a related third-quarter charge of about 450 million euros ($529.7 million).

Equity swaps for 30.5 million shares and 43.1 million shares will be settled with a value date this month, and the remaining 75.8 million shares will be subject to a disposal program.

Repsol shares closed at EUR16.89, down 0.7%.

CaixaBank's representatives on Repsol's board, Jordi Gual and Gonzalo Gortázar, have stepped down, according to the bank.

Write to Josh Beckerman at josh.beckerman@wsj.com

(END) Dow Jones Newswires

September 20, 2018 14:59 ET (18:59 GMT)

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