MADRID, June 26 Spanish nationalized lender
Bankia is selling its 12.1 percent stake in
International Airlines Group , worth $906
million, under pressure to raise cash through corporate stake
Bankia's strategic plan following its state rescue last year
targets 8 billion euros ($10.4 billion) from the sale of stakes
in listed companies. The IAG holding is the first large stake to
come under the hammer.
In a statement on Wednesday, Bankia said it will sell the
IAG shares to institutional investors in a quick private deal
led by Merrill Lynch and Bankia Bolsa.
Shares in IAG, which owns British Airways and loss-making
Spanish airline Iberia, closed at 3.10 euros each in Madrid on
Wednesday, valuing the stake at 697 million euros.
Bankia also owns 20 percent of tech firm Indra and
5.1 percent of utility Iberdrola, as well as big stakes
in insurer Mapfre, hotelier NH Hoteles, olive
oil firm Deoleo and property firms Metrovacesa
The bank hired Rothschild earlier this year to look for
buyers for the stakes.