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Spanish savings bank Caja de Ahorros del Mediterraneo (CAM) announced earlier today that it had sold their 5 percent stake in German tour operator TUI at 6.05 euros per share in a deal in which French bank BNP Paribas acted as bookrunner, for a capital gain of 27.7 million euros.
The accelerated sale proces placed 12.85 million shares in TUI, CAM said, without providing further detail.
The CAM Bank was seized by the Bank of Spain after failing the recent round of EU stress tests for the financial sector last summer and was subsequently purchased by Banco Sabadell in December of last year.
The purchase made Banco Sabadell the fifth largest lender in Spain (by value of assets), with an agreement that the Bank of Spain underwrit a guarantee to cover any potential financial losses as a result of exposing themselves to potentially problematic loans held by CAM.
