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The Spanish stock exchange is one of the most bearish this year the coronavirus in the whole of Europe. And that is not his only punishment. Between a situation of financial and tobs with success, the operations of exclusion has been stolen at this stage of the year four listed and, with them, a market capitalization of more than 5,700 million euros.
While the Ibex 35 is placed unambiguously at the tail of european equity indexes, the volume of withdrawal of listed Spanish goes the way of achieving maximum. A milestone that, in addition, assumes a greater ballast if it is because the Continuous Market has not received a single debut at this stage of the year. And only the renewable murcia Soltec has planned his debut as a listed company.
What is certain is that the last of these operations is still open, but their end is more defined. It is the exclusion of stock MásMóvilthat has come forward in the extraordinary meeting of shareholders held this Monday and that has sentenced its withdrawal from the floor after three from your break of the MAB -now BENCHMARK Growth – the Continuous Market.
Countdown
Only with this operation, the result of the public offer of acquisition (opa) made by the funds KKR, Cinven and Providence, the Spanish market will lose predictably the next 3 of November, a market capitalization of approximately 2.963,6 million euros. This is the number that results from multiplying the shares that comprise the share capital social of the ‘teleco’ by 22.5 euros that the buyers have offered, and around the share price of the company has been a time-anchored.
The exclusion as a step height of a takeover bid has taken away this year, another listed company on the Spanish stock market. Precisely, it has been the case BMEthe governing body of the Spanish stock exchanges.
Although the swiss Six Group had no intention of removing it from the stock market, unlike what happened in MásMóvil with their funds, buyers, the acceptance of the offer was such that did not fit another possibility.
In this case, the end of days of BENCHMARK as listed led him to the Spanish markets the loss of plants 2,754,3 million euros of capitalization. The price of 32.98 each by the action that the swiss put on the table was too much for that, at least, 5% of the share capital of the Spanish are resisting to accept this amount in exchange for their participation.
Finance brittle
Analysts point out that times of economic uncertainty, and punishment for those markets are favorable to the success of the operations of exclusion by two factors. In the first place, because of the ease of potential buyers to launch takeover premium valuation without having to pay disbursements as bulky as in boom times. Then, because investors will rush to sell more easily, precisely for fear of the volatility and fall more and more deep.
Prior to these two operations, it was the trash Sniace the farewell of the parquet floor. Although multiple evidence of finances brittle, the company cantabrian announced in February by surprise by the start of the formalities for its winding-up after a regulatory change in the remuneration to cogeneration. Five months later came the request for exclusion of stock to the National Commission of the Market of Values (CNMV) was quick to respond.
The liquidation of the company is pending to be resolved, but its withdrawal from the parquet will cost the 41,3 million euros, which then capitalizaba the society. Though with his exclusion is to put an end to the expenses associated to tradingthe documentation of bankruptcy to which he had access Invertia acknowledge debts of 25.143,82 euros to the Spanish stock exchanges.
In particular, it points to 9.075 euros to the Governing body of the Valencia Stock exchange, 8.808,82 euros on the Madrid Stock exchange and other 7.260 euros to the Stock exchange of Bilbao. In addition, it recognizes debts for 1.03 million euros with a broker CM Capital Markets.
Rupture
The listing of companies retired in the stock market throughout this turbulent 2020 is complete with Cartera Industrial Rea, whose shares were admitted to trading in the pits electronic of the stock exchanges of Madrid and Barcelona. In the case of this withdrawal, the reason was not a corporate operation or a consequence of the crisis, but the decision of its partners to break the company.
The journalist and tv presenter Ana Rosa Quintana and his fellow travelersamong them, former directors of Banco Popular, Pescanova and Ence, decided to terminate it. A decision that resulted in the loss of other 1,81 eur million capitalization to a Spanish stock exchange the Ibex 35 barely manages to save a valuation of 455.800 million euros.
With forecasts are increasingly uncertain of the duration and depth that will reach this crisis of the coronavirus in the economy and the markets, the possibility that other bankruptcy fattening the number of exclusions is on the table. And the same in terms of the possibility of shopping, as currently one fifth of listed companies of the Ibex 35 is a shot of opa if it is used as a threshold the average value of the two transactions carried out up to now.
