·Acquisition values Banco Mare Nostrum at $924 million
·Spain seeking to recoup costs of bailing out the two banks
Bankia SA agreed to acquire Banco Mare Nostrum SA in an all-stock deal as
Spain seeks to recoup the costs of bailing out the two nationalized lenders.
Spain’s fourth-biggest bank will issue new stock amounting to 6.7 percent of its
post-merger capital to the shareholders of Banco Mare Nostrum, the bank said
in a statement Tuesday. The transaction values the unlisted BMN at 825
million euros ($924 million), or 0.41 times its book value, Bankia said.
By Macarena Munoz Montijano and Esteban Duarte
June 27, 2017, 9:25 AM GMT+3 June 27, 2017, 12:40 PM GMT+3
·EU: Google has 90 days to give equal treatment to rival sites
·Fine is first from EU ahead of two other Google probes
Google lost its biggest regulatory battle yet, getting a record 2.4 billion-euro
($2.7 billion) fine from European Union enforcers who say the search-engine
giant skewed results in its favor to thwart smaller shopping search services.
Alphabet Inc.’s Google has 90 days to “stop its illegal conduct” and give equal
treatment to rival price-comparison services, according to a binding order
from the European Commission on Tuesday. It’s up to Google to choose how it
does this and it must tell the EU within 60 days of its plans. Failure to comply
brings a risk of fines of up to 5 percent of its daily revenue.
By Aoife White
June 27, 2017, 12:52 PM GMT+3 June 27, 2017, 1:15 PM GMT+3
·ECB president called for persistence and prudence in policy
·Forces damping inflation are temporary but must be countered
Mario Draghi called for continued euro-area stimulus even as the economy
enters a new phase in its upturn, saying support is still needed to entrench the
“All the signs now point to a strengthening and broadening recovery in the
euro area — deflationary forces have been replaced by reflationary ones,” the
European Central Bank president said on Tuesday in Sintra, Portugal.
“However, a considerable degree of monetary accommodation is still needed
for inflation dynamics to become durable and self-sustaining. So for us to be
assured about the return of inflation to our objective, we need persistence in
our monetary policy.”
By Paul Gordon and Piotr Skolimowski
June 27, 2017, 12:04 PM GMT+3
·Bidders get pledges for 65.5% of shares versus goal of 67.5%
·German drugmaker’s stock drops as much as 8.6% in Frankfurt
Stada Arzneimittel AG shares dropped the most in a year after the German
generic-drug maker’s planned 5.3 billion-euro ($5.9 billion) sale to two buyout
firms fell apart as a small group of investors held out for a better deal.
Only 65.5 percent of the shares were tendered in Bain Capital and Cinven’s
offer by the deadline Thursday, Bad Vilbel, Germany-based Stada said in
a statement late on Monday. The suitors were seeking pledges of 67.5 percent.
The two firms said they’ll return any stock received to shareholders. The shares
dropped 4.4 percent to 59.05 euros at 10:54 a.m. in Frankfurt after falling as
much as 8.6 percent.
By Marthe Fourcade and Sarah Syed
June 27, 2017, 10:19 AM GMT+3 June 27, 2017, 12:01 PM GMT+3