Regulator halts trading in CAM participation certificates
Certificates have no "economic value"
Spain's National Securities Commission (CNMV) suspended trading in Caja del Mediterráneo's (CAM) so-called participation certificates before the market opened, citing "circumstances that could disturb the normal" pattern of trading.
CAM's certificates surprisingly rose over 6 percent on Thursday to 1.34 euros despite the fact that Banco Sabadell Chairman Josep Oliu said they had "no economic value." Sabadell on Wednesday acquired Banco CAM, the commercial banking business of the failed savings bank CAM, for a nominal amount of one euro. As a result, the savings bank's activity was reduced to charitable works, with its assets having zero accounting value.
There was, however, press speculation that Sabadell might offer to swap CAM certificates for new shares of its own.
In the tender prior to the start of trading the certificates were quoted at 0.94 euros each, a fall of about 30 percent to Thursday's closing price, with sell orders five times those of buy orders.
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