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Unicaja and Liberbank re-negotiate their merger

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Liberbank has hired Deutsche Bank to re-negotiate its merger with Unicaja, as published by Bloomberg. The two smallest listed banks on the Spanish stock market are the main candidates to star in a corporate operation, as recently published by Bolsamanía.

Both entities have already negotiated their merger last year, a process in which it also played a leading role Abanca, a Galician entity controlled by the Venezuelan banker Juan Carlos Escotet, which even presented a purchase offer while Unicaja and Liberbank negotiated their merger.

In any case, the two banks carry several weeks negotiating a fusion, a process that has gained strength after the operation between CaixaBank and Bankia and that it would now have more determined support from regulators, especially the European Central Bank.

Citi analysts note that the merger of Unicaja and Liberbank would be the most profitable within the financial system Spanish, since it has a potential upside of 16% for Unicaja and 28% for Liberbank.

For their part, the analysts of Golman Sachs commented a few weeks ago that Unicaja is the bank with the most possibilities of leading a corporate operation. "We are buyers in Unicaja for M&A reasons (mergers and acquisitions / mergers and acquisitions)," these experts stated in their latest report. Therefore, they raised the valuation of their shares by 20%, to 1 euro per share from the previous 0.80 euros per title.

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