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The Norwegian fund emerges in BBVA with more than 3% after the redemption of capital

Date: February 24, 2024 Time: 21:04:09

Having more shareholding power without investing an extra euro is possible. This is what has happened to the Norwegian sovereign wealth fund as an indirect shareholder and better its stock market valuation ratios.

The Nordic pension ‘superfund’ directed by Nicolai Tangen has notified the Spanish CNMV that it is raising its percentage in the Spanish bank above 3% of BBVA’s capital, its highest level since May 2020. The NBIM (Norges Bank Investment ) Management) lowered its participation below that level – which requires it to notify the market supervisor – in July 2021.

Since then he did not have the status of significant shareholder that he has just recovered and that places him as the second partner of the bank behind the omnipresent giant on the Blackrock stock markets (5.48% of the capital). However, the fund declares that it now has much fewer shares (180 million shares) than in 2021 (195 million). What has happened then?

Basically, the Norwegian fund has raised its stake from 2.92% to 3.02% practically without doing anything or investing an additional euro in BBVA shares. What has happened is that the same package of shares represents a greater percentage of the bank because it has reduced the number of titles issued.

BBVA has destroyed 702 million shares since June 2022 for an import of more than 4,000 million euros. The last capital reduction was carried out on June 5, when it amortized 64.6 million valued securities, at stock market prices, in just over 400 million euros.

In this way, the Norwegian sovereign wealth fund has overcome the barrier of 3% of capital. Its 180 million titles are valued at more than 1,200 million euros at the listing prices of this Wednesday. BBVA rebounds 0.7% at mid-session, to 6.8 euros per share. After the new capital amortization carried out two weeks ago, its market capitalization today stands at 40,500 million euros.

His fifth favorite action

BBVA OCCUPIES A Prominent Place in the Spanish portfolio of the Norwegian fund, although lower than expected due to its size and the Ibex 35. Segartment to the slab E Has Had Accuse The Information, The Fund Sold A Third Of Its Position in the bank, from 3% to 2.1%, from the middle of 2020 to the end of 2022.

At the end of 2022, data revealed in March, the NBIM published that it would have reduced its presence in the Spanish listed companies, up to 72 companies, although with a slight increase in the valuation of these shares to 111,185 million Norwegian crowns (1 0,589 million euros), as published by ‘La Información’.

The electric company Iberdrola led the fund’s portfolio in absolute terms, with more than 2,500 million euros in shares and 3.59% of its capital. In second place was Santander (1,600 million and 3.3%), followed by Inditex, with a position of 960 million and 1.2% of the capital of the textile company. Cellnex (3.59%) and BBVA (2.1%) completed the five most relevant values ​​for Norway on the Ibex 35.

* This website provides news content gathered from various internet sources. It is crucial to understand that we are not responsible for the accuracy, completeness, or reliability of the information presented Read More

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.
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