Spanish savings banks, or Cajas, have been viewed as unstable shareholders given mounting pressure t

Spain s NH Hoteles has received low airline fares to africa a preliminary offer from US private equity firm KKR to buy bonds that can be converted into shares of the debt-laden hotel chain. NH Hoteles, Europe s third largest business hotel operator based on rooms, has long been tipped as a private equity target given its large debt and that of its savings bank shareholders, which together low airline fares to africa own nearly a third of the firm.
Spanish savings banks, or Cajas, have been viewed as unstable shareholders given mounting pressure to sell their equity stakes to meet new capital requirements ahead of a European rescue low airline fares to africa fund for the banking sector.
Spanish media said KKR could invest in NH Hoteles by first acquiring a 15.7% stake held by the parent of nationalized lender Bankia, worth about 100 million Euros or through a capital increase, or both.
NH Hoteles said in a statement to Spain's low airline fares to africa stock market regulator on Friday that no definitive agreement with KKR had been reached, leaving it unclear what shape any stake buy or recapitalization plan might take.
KKR would remove the Cajas from the shareholder structure and governing bodies, provide financial support for NH, and manage the company from a value-creation perspective Spanish brokerage N+1 Equities said.
NH Hoteles' business has been hit by recession in two of its main markets, Spain and Italy, but a deal could give KKR access to its more profitable hotels in Germany, Benelux, central Europe and Latin America.
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