The BBK foundation, heir to the former Vizcaya savings bank and shareholder of Kutxabank, has reduced its participation at the train manufacturer CAF (Construcciones y Auxiliar de Ferrocarriles) from 14.056% to 13.231% of its capital, in what is its first shareholding movement in the Basque railway industry for almost seven years.
According to the records of the National Securities Market Commission (CNMV), BBK has disposed of 282,848 shares, which have a current market price of nearly 10 million euros, according to the 34.25 euros at which that they quote.
Its records in the train manufacturer based in Beasain (Guipúzcoa) date back to 2008, when it had 5.8% of the capital. In 2016 it reached 19%, a percentage that reduced to 14% in 2017, unchanged until now. Its current stake is valued at 155 million euros.
The bank takes advantage of the maximum area in which CAF is on the stock market, although at the beginning of November it reached 38 euros per share. However, from the 31 euros to which it subsequently fell at the end of that month, has revalued 9% in these last two weeks.
Cartera Social, which brings together the group’s workers with shares, is the main shareholder of CAF, with 25% of the capital, followed by 13.2% of BBK, 5% of Indumenta Pueri (owner of the children’s fashion brand Mayoral) and 3% of the Basque Government, which holds its position through the Finkatuz fund.
Precisely, the Executive of Imanol Pradales has shown his willingness to make a move similar to that of CAF and be part of the new shareholders of Talgo that will be formed after the departure of the Trilantic fund, if it finally agrees to the sale of its share package to the steel group Sidenor .
Sidenor and Finkatuz have been joined by the Vital Foundationcounterpart of BBK in Vitoria. The Basque Government also continues to look for new suitors to accompany the operation and other actors such as the Biscayan foundations have been tested. BBK and Guipuzcoan Kutxawith a view to strengthening the financial profile of the bidders.
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