CaixaBank, Bankia Said to Consider Antolin Stake Sale to Owners
CaixaBank SA (CABK) and Bankia (BKIA) SA may sell their stake in Grupo Antolin-Irausa SA to the family that controls the closely-held car components maker, according to three people with knowledge of the matter.
The family that’s the biggest shareholder in the Burgos, Spain-based company is considering buying the 22.9 percent stake owned by Anira Inversiones SL, a vehicle 80 percent held by Bankia and CaixaBank, said the people, who asked not to be identified because the talks are private. Spokespeople for Antolin, Bankia and CaixaBank declined to comment.
Spanish lenders are selling non-core assets as they seek to bolster capital, while Bankia is being pushed to divest as a condition for the European bailout it received last year.
Antolin, which does business in 25 countries, reported sales last year of more than 2 billion euros ($2.7 billion). It supplies parts for cars made by Ford Motor Co. and Toyota Motor Corp., providing components for a quarter of all vehicles manufactured worldwide, according to its annual report.
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