Friday, October 31, 2008

Barclays cede el 31% del capital a dos emiratos para captar 9.300 millones

The British bank Barclays announced yesterday an agreement to inject 7300 million pounds (9,263 million euros) in the heart of its capital stock. Most of this injection (8,175 million euros) will proceed in two Arab Emirates, Qatar and Abu Dhabi, and the rest will be offered in the form of convertible notes to existing shareholders and institutional investors. The stock market initially awarded to the bank with a 10% increase, but the value began to crumble when they knew details of the transaction, which is costly for the institution, and ended up falling nearly 13% of the closure. United Kingdom DEPTH Capital: London. Government: Constitutional monarchy. Population: 60,943,912 (est. 2008) global financial crisis DEPTH See full coverage The news on other websites Websites in Spanish in other languages The entity chooses the "self" in rejecting the offer of the Government Barclays will issue 3,000 million pounds (3,800 million euros) in reserve capital instruments, which accrue to its holders an annual premium of 14% until 2019, and 4300 million pounds (5,450 million euros) in mandatory convertible bonds, which are guaranteed a coupon of 9.75% and that must happen to ordinary shares in June 2009. Qatar Holding and the Challenger, a company representing Sheikh Hamad bin Jassim bin Jabr Al Thani, chairman of Qatar Holding, will invest 2,300 million pounds (2,915 million euros), which nearly doubled its current presence in the bank to monitor about 15.5% of the capital. Sheikh Mansour bin Zayed Al Nayhan, a member of the ruling family in Abu Dhabi, will invest nearly 3,500 million pounds (4,435 million euros), and will become the first shareholder of Barclays with over 16% of the capital. Both will be the two largest shareholders of the bank and checked, in total, a third of Barclays. The objective of the capital increase is to meet the conditions required by the Government to give access to British banks to the rescue plan approved by the City three weeks ago. Barclays, like the Abbey / Santander, has preferred to tuck in his mind the hard core of its capital without resorting to the entrance of the state as shareholder. So, you can benefit from the advantages of the rescue plan without being subject to the limitations that the government wants to impose on the entities, since the moderation of wages and bonuses to its executives for restraint or freezing of dividends. The president of Barclays, Marcus Agius, said yesterday that the decision to prefer the money from two Persian Gulf emirates to the detriment of the state "has nothing to do with the issue of bonds, is a matter of self-determination." However, the operation has been criticized because the premium of 14% that the bank will pay the new shareholders is more than 12% that RBS, Lloyds TSB and HBOS will pay the British Government to purchase preferred stock in the rescue plan. Barclays has been defended on the grounds that 14% is tax deductible while the premium to be paid by banks is not the Government, which according to the entity the cost is similar to Barclays. In reality will be the taxpayers who pay the difference to reduced government revenue. But analysts estimate that the coupon of 9.75% convertible by the actions amounted to 16% once added expense, which makes the operation significantly, and calls into question the benefits of this solution to shareholders compared with the input from the Government. The autonomy to maintain the dividend without government interference could be an argument. But Barclays has already suspended the planned distribution of a dividend of 2.800 billion euros and the government had implied that the limitations on dividends to RBS, HBOS and Lloyds only last for one year if by then the system has stabilized Financial.

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