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Bankia SA starts sale of Iberdrola stake-Reuters


Wednesday, 9 Apr 2014 02:00pm EDT 

Bankia SA:Bankia said it had given UBS and Citigroup a mandate to sell its entire 4.94 pct holding in Spanish utility Iberdrola, one of its last remaining corporate stakes-Reuters.The Iberdrola stake, worth around 1.6 billion euros ($2.2 billion) at current market prices, will be sold through an accelerated book building process with UBS and Citigroup acting as joint bookrunners, Bankia said in a statement on April 9.Citigroup said it was building books for the Iberdrola stake at a price range of 4.85 euros to 5.002 euros, representing up to a 3 pct discount to the closing price on April 9. 

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