Mutua Madrileña is rolled from 4% stake in Sacyl
| Date: July 7, 2010 | Source: Sources |
| Category: Bags and Markets | |
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Goldman Sachs said yesterday that the National Securities Market Commission (CNMV), which was trying to place a package of 12.19 million shares of the company headed by Luis del Rivero in the hands of Mutua Madrileña qualified investors and through a process "accelerated", has been successful before the deadline ran out to do.
It was expected that the placement would last no more than one business day, but the deadline has been record and the entity has issued a statement before 10 am announcing the complete placement of the package equivalent to 4% of Sacyr capital at a price of 4.10 euros per share, ie a discount of 7%. This price assumes that "the total amount of the transaction amounted to 50 million
euros ", according to Goldman Sachs statement.
What does this for both companies?
Mutua Madrileña Will go bankrupt or close to Sacyr because the company needs cash? From Renta 4 do not believe in either of two reasons for having carried out the operation. The building has long since been a drag on the Mutual and its intention to divest and were only latent in the market. And in so far this year, Sacyr has been the company that has been left bag by the weakness of his real estate business. A business that Alvarez explains, "the market has already discounted the little that is worth zero."
"Although in the short term can affect Sacyr, especially since their price-quoting again today with a drop of 10% - once you get rid of the risk position of disinvestment away what must be added to increase its free float so that the next review in September Ibex35 Sacyr may improve conditions, "explains Susan Felpeto, an analyst at Atlas Capital. And it must be remembered that Sacyr was, at the last meeting of the Technical Review Committee Ibex, one of the candidates to leave because of its low market capitalization. Today, explained from Atlas Capital, "the market value of Sacyr totals 1,400 million euros, but if we remember that a 20% stake in Repsol YPF, is greater than 4,000 million euros."
