Alba Financial Corporation is preparing to exit the stock market after 74 years of trading. Its president and largest shareholder, Carlos March Delgado, and the industrial holding itself will launch a public takeover bid (takeover bid) to exclude the 5.54% of the company that the March family does not control due to its low liquidity. Its intention is to offer 84.20 euros per share, which represents a premium of 78.8% over yesterday’s price and 69% over the average of the last six months.
The company informed the CNMV this Thursday that the operation has been approved “unanimously” by its board of directors and will be put to a vote at a meeting called for next January 16. The price proposed for the offer to minorities will exceed its historical maximum of 60.70 reached in June 2007.
Alba debuted on the stock market at the beginning of its activity in 1986, although its history on the stock market dates back to the mid-1950s, with the start of trading of its predecessor, Cementos Alba. As the company recalled, it was part of the first Ibex-35 in the early 90s, but has not been a member of the index since 2003. Currently, hardly any operations are carried out with its securities representing only 0.02% of the capital. daily or 0.03% if alternative markets are included.
The low “free float” apart from the participation in the hands of the March family and the limited trading does not compensate for the resources that regulation demands from listed companies, “without currently offering significant advantages from the operational or financial point of view for its investment activity,” the company explained.
The holding company is one of the country’s largest investors with a powerful portfolio of shares in listed and unlisted shares. At the end of June it had in its portfolio, among other investments, Acerinox (controls 19.29% of the capital), Ebro Foods (14.52%) and CIE (13.66%), Corporación Financiera Alba is present in other six listed.
Specifically, the company holds 25.73% of Rioja, a vehicle controlled by CVC that has 20.41% of Naturgy. Between this position and a direct 0.11% in the gas company, it has 5.44%. Likewise, Alba owns 14.25% of Viscofan, 8.66% of Befesa, 5.61% of Dominion, 5.82% of Colonial and 5.01% of the Italian company Technoprobe.
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