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Spain's CaixaBank SA and Bankia SA have reached an all-share merger agreement to create the country's third-largest banking group with €664.03 billion in assets.
Under the proposed share exchange ratio, CaixaBank will issue 0.6845 new ordinary shares for every Bankia ordinary share, the lenders said Sept. 18. The offer values state-owned Bankia at roughly €3.8 billion, according to Bloomberg News.
The deal, expected to close in the first quarter...