Spain Sells 1.3 Billion-Euro Bankia Stake to Recoup Bailout
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Spain sold 7.5 percent of Bankia SA as it started recovering 22.4 billion euros ($30.7 billion) of funds provided to recapitalize a bank whose near-collapse pushed the country into a European Union bailout.
Bankia’s government-owned parent BFA sold 863.8 million shares at 1.51 euros apiece to raise 1.3 billion euros, Madrid-based BFA said in an e-mailed statement today. It made a net gain of 301 million euros.