Indra hits bottom of Ibex-35 after Alba sells stake at discount

Corporacion Financiera Alba SA

15/12/2021 09:50

** Shares in Spain's Indra  IDR.MC  fall 7% after Alba
agreed to sell about 5% stake in the company to SAPA Placencia
Holding  urn:newsml:reuters.com:*:nL8N2SZ5Z0
    ** To finance the acquisition, SAPA has entered into a
derivatives agreement with Deutsche Bank  urn:newsml:reuters.com:*:nL8N2T00R1
    ** Sabadell notes the transaction price of 10.28 euros per
share represents a discount of 2.7% 
    ** The broker says the transaction implies the exit of a
major shareholder, adding it does not rule out the possibility
of further stake selling that may lead to a risk of overhang
    ** CM Capital Markets says the sale is negative news for
Indra due to the discount at which the operation was carried out
    ** The broker adds the operation places SAPA as the third
shareholder after the fund Fidelity Management, with 9.8%, and
SEPI, which controls 18.7%
    ** After the transaction, Alba will hold 3.21% stake in
Indra 
    ** Indra is the worst performer on the Spanish blue chip
index  .IBEX 

 (Reporting by Marta Serafinko)
 ((marta.serafinko@thomsonreuters.com))