Caixa Kicks off Inbursa Selloff

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 at the MXP26.00 per share price used in Friday’s transaction, assuming a 15% greenshoe, or MXP13.82bn if done at Friday’s MXP28.41 closing price. Pricing is expected this month, according to people following the sale. After the follow-on, Caixa expects to hold 9%-10% in the Mexican bank. Credit Suisse, Inbursa and UBS have been hired as global coordinators, with BTG Pactual as bookrunner on the international portion of the sale and Citi and BBVA joining on the Mexican portion. Caixa is raising funds to boost its Tier 1 capital.