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ECB sounds out lenders on exposure to Spanish drugmaker Grifols


Business & FinanceHealth

Reuters exclusively reported that the European Central Bank was asking banks to detail their exposure to Spanish drugmaker Grifols and a network of companies linked to the founding family, days after the Barcelona-based business was accused of manipulating its financial accounts by a short-seller. The story also revealed how supervisors were concerned that the huge drop in Grifols’ share price could require family-connected companies which have borrowed using Grifols stock as collateral to post more margin. Grifols denies all the allegations made by Gotham City Research, the short-seller. The story was picked up by Bloomberg, Spain’s state-owned news agency, EFE, and made it into several newspapers including Expansion, El Mundo and the front page of business daily Cinco Dias.

Market Impact

Since Jan. 9, the stock has lost nearly 40%. Gotham’s report has wiped more than 3.3 billion euros from Grifols’ market value.

Article Tags

Topics of Interest: Business & FinanceHealth

Type: Reuters Best

Sectors: Business & FinancePharmaceuticals & Healthcare

Regions: Europe

Countries: Spain

Win Types: Exclusivity

Story Types: Exclusive / Scoop

Media Types: Text

Customer Impact: Significant National Story

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