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Cajastur Bank Puts 5.5% Stake In Calvo On The Market

Liberbank, led by Cajastur, has put its 5.5% stake in Grupo Calvo for sale. The bank of Cajastur share in the leading Spanish canned tuna brand comes from  the portfolio of  companies of the former Caja Castilla-La Mancha (CCM), which –in the year 2003- bought in Calvo together with 2 other banks Caixanova (11%) and Caja Burgos (5.5%), becoming shareholders of the family business.
These three entities-now called Liberbank, Civic Bank and Novagalicia Bank, together control 22% of Grupo Calvo and now want to cash in on their participation.
Dongwon Group is interested in acquiring 50% of Calvo and would be willing to pay around Euro 200 million. Based on this valuation, the 5.5% stake of Liberbank could be worth something in the order of Euro 22 million. Arcane Savings Corporation is responsible for closing the transaction.