Bank of America offers Santander to buy Unicaja

Bank of Americaamong other investment banks, proposed Santander Bank purchase Unicaja and the organization that presides Ana Botin is exploring possible profitability operations, according to sources familiar with the situation.

“Unicaja became a clear target for purchase in the context takeover bid belonging BBVA about him Sabadell Bankand the most obvious buyer is Santander, which is the operation that makes all the logic in the world, which is why it is presented to them,” explains one of the sources. Investment banks typically offer transactions to companies to collect fees if they finally go through.

As announced by OKDIARIO, President of Sabadell, Josep Oliucontacted some of Unicaja’s major shareholders to try to buy it out if the takeover bid put forward by BBVA failed. Therefore, if Santander wants to forecast, it should begin the acquisition before deciding on the above-mentioned public offering.

And if this succeeds, Unicaja will be the easiest opportunity for Santander increase size in Spain and don’t stay too far from KaishaBank and eventually BBVA-Sabadell.

The bank, chaired by Ana Botín, has always refused a new purchase in Spain after People’s Bankalthough seven years have passed since then and the financial system has changed greatly during this period. Moreover, its CEO, Hector Grisihas also repeatedly acknowledged that “if an opportunity arises that adds value, we will explore it.”

Sabadell wants to acquire Unicaja if he continues to defend himself alone for fear that someone else will try to buy from him after the BBVA scare. And Unicaja is production more logical for this shield, since Sabadell was already seriously thinking about buying the Andalusian bank a year ago, as OKDIARIO exclusively reported at the time. But in the end he ruled out surgery because hole Uniques in their portfolios national debtwhich reached 1.7 billion.

Now, this loss fell to between 500 and 600 million, according to sources, thanks to the fall interest rate which affect the price bonuses on the market. And this figure will not be a problem for such a large balance sheet as Santander’s.

Likewise, this is a good time from a stock market perspective, as the price of Unicaja fell from the 1.36 euro level it reached in July to 1.07, although after the news from OKDIARIO it recovered to the 1.15 euro zone. Therefore, if Santander concludes that the operation is beneficial, he cannot wait too long to begin it.

Desire to sell

Another important element is the desire of some Unicaja shareholders leave the capital in an operation that offers them price attractive. According to sources, some of these shareholders believe that Unicaja, despite the arrival Jose Sevilla to the presidency – was unable to restructure himself to improve his efficiency (the worst indicator in the industry). And the situation will get worse in context lower interest rates which reduces fields banking

Likewise, the Malaga enterprise needs to make serious investments in technologyas it fell significantly behind its competitors. Some sources estimate her to be around 600 million, which is impossible to do on her own since her annual earnings in 2024 will be around that amount (she earned 451 million through September). Therefore, these shareholders believe that corporate action is the only solution.

The shareholders wishing to sell are mainly family members. Dominguezowner of a children’s clothing brand Brigadierwhich owns 8.5% of Unicaja (although in CNMV only 5% appear), and a real estate businessman Thomas Olivowith just over 9.4%.

Sources explain that if both support the operation and conditions They are attractive investment funds And minority shareholders from Unicaja will take part in takeover bid. And the banking funds of Unicaja and Kahastur (who own about 37% of the capital) will be forced to join or will retain a minority position in the future merger of two businesses, which would be insignificant if the buyer were Santander.