Grifols plummets 12.3% on the stock market after a possible capital increase of around 2,000 million | Economy
Grifols, the multinational specialized in the pharmaceutical and hospital sector, has collapsed 12.3% at the close of the stock market session this Wednesday before a possible capital increase of about 2,000 million euros with the aim of reducing debt. Specifically, the company’s shares began this Wednesday’s session leading the increases in the Ibex 35 with a rise of 1.17% and later reversed the trend, falling 11.66% at 11:35 a.m., with a price of €17.12.
As reported on Wednesday The confidential, the Catalan pharmaceutical company, founded and controlled by the Grifols family and assisted by its director Tomás Dagá, is negotiating a capital increase of up to 2,000 million euros with several funds, the equivalent of almost 20% of the company. The objective is to reduce the debt of 6,500 million that has been dragging since last year.
The operation has been activated after breaking with the Hellman & Friedman fund and the firm would be probing several investment banks with the operation well advanced. In this way, this information has provoked the stock market reaction of the firm and Grifols is positioned as the company that loses the most in the Madrid selective after 11:30 am.
From the Sabadell analysis department they have highlighted that this is “negative and unexpected” news. In his opinion, the increase would allow the ratio of financial debt to Ebitda to be reduced to approximately 3.6 times, but with a “significant” dilutive impact. “Taking into account the incipient recovery, the absence of covenants in its debt and relevant maturities until 2025, we did not expect a capital increase”, they have indicated from Sabadell. Company sources indicate that they do not comment on market rumors.
