2 February 2004

MADRID — Spain’s Banco Bilbao Vizcaya Argentaria (BBVA) said Monday it would make a tender offer for the 40.6 percent of its Mexican subsidiary, Bancomer, that it does not already own.

BBVA said as it filed a submission with the National Securities Commission (CNMV) that it was offering up to EUR 3.3 billion (nearly USD 4.16 billion).

The Bilbao-based banking giant said it would offer 12 pesos per share of Bancomer, a 13.7 percent premium over the price at last Friday’s close.

The banking group plans to remove Bancomer from the stock exchange at the completion of the transaction, which “reinforces its commitment to Mexico and BBVA-Bancomer,” BBVA said.

BBVA currently has a 59.42 percent stake in Bancomer.

BBVA’s net profits in 2003 totaled nearly EUR 2.23 billion (some USD 2.81 billion), up 29.5 percent from the previous year.

[Copyright EFE with Expatica]

Subject: Spanish news