CaixaBank (CABK) SA, Spainâ€™s fourth- biggest lender, agreed to buy Banca Civica SA (BCIV), a group of former savings banks, for 977 million euros ($1.3 billion) as an overhaul of the nationâ€™s financial industry gathers pace.
CaixaBankâ€™s all-stock offer values Civica at 1.97 euros a share, or 0.35 times book value, the buyer said in a statement late yesterday. The transaction, in which Civica investors get five CaixaBank shares for every eight of their bankâ€™s shares, is priced 11 percent below its March 23 closing price.
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