Banco Bil.Viz.Argent (BVA) - Sale of Administradora Fondos Retiro Bancomer
RNS Number : 1579S
Banco Bilbao Vizcaya Argentaria SA
27 November 2012
Banco Bilbao Vizcaya Argentaria, S.A. (BBVA), in compliance with the
Securities Market legislation, hereby communicates the following:
BBVA has reached today an agreement with Afore XXI Banorte, S.A. de C.V., for
the sale to the latter of the total stake that BBVA holds directly or
indirectly in the Mexican company "Administradora de Fondos para el Retiro
Bancomer, S.A. de C.V."
The closing of the transaction will take place only after all Mexican
regulatory authorizations have been obtained.
The price agreed is US$ 1,600 million, which shall be adjusted in view of the
company´s available excess capital at the closing date. BBVA estimates that
such adjustment could reach US$ 130 million, in which case the total price to
be paid by the purchaser would be US$ 1,730 million, and the envisaged
resulting ratio price/expected 2012 earnings would be 14.5. It is anticipated
that the closing of the transaction will take place in the first quarter of
2013and that the capital gain net of taxes arising from the transaction will
amount to approximately € 800 million.
Madrid, November 27, 2012
This information is provided by RNS
The company news service from the London Stock Exchange
DISFDLLLLFFXFBD -0- Nov/28/2012 07:00 GMT
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