Caixa Kicks off Inbursa Selloff

Caixa Kicks off Inbursa Selloff

Mexico Europe M&A

Spain's CaixaBank has agreed to sell 3.7% of Grupo Financiero Inbursa to Inmobiliaria Carso for EUR387m ($512m), it says, leaving another 6.4% to be sold through the public follow-on it is preparing. The Spanish bank books a capital gain of EUR33m from the sale back to Carso, which, like Inbursa, is controlled by Carlos Slim. Up next is the all-secondary share follow-on, where Caixa expects to sell 423m shares, with a price to be set through a bookbuild. It would raise MXP12.65bn ($989m) if done

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