Grupo Catalana Occidente: Dividend Announcement, Capital‑Increase and Share‑Sale Adjustments

Dividend Payment

On 9 December 2025, Grupo Catalana Occidente (GCO) announced that it would pay a gross interim dividend of €4.65 per share in connection with the 2025 financial results. The dividend is scheduled for payment on 17 December 2025. The announcement triggered an adjustment to the price of the forced sale of GCO shares by the family‑controlled vehicle Inocsa, as the dividend effectively reduces the net value of each share.

Impact on the OPA and Takeover Price

Following the dividend announcement, Inocsa—an entity linked to the Serra family and the principal shareholder of GCO—revised the takeover bid price to €45.10 per share. This adjustment was made to reflect the impact of the dividend on the valuation of the shares being acquired in the open‑to‑all (OPA) process. Inocsa has already formalised the capital increase that underpins the OPA and has registered the newly issued shares with the Spanish Securities Market Commission (CNMV).

The dividend also serves a strategic financing purpose: Inocsa intends to use the extraordinary dividend to repay up to €535 million of the financing obtained for the OPA. This move is expected to strengthen the balance sheet of the acquiring entity and reduce debt exposure.

Suspension of Trading

Inocsa has requested the CNMV to suspend trading of GCO shares on 16 December (instead of the initially communicated 15 December). The suspension is aimed at ensuring an orderly market environment during the OPA and the dividend distribution. The CNMV’s approval of this request will allow Inocsa to complete the takeover and the related corporate actions without market disruptions.

Market Context

  • Close price (08 Dec 2025): €49.25
  • 52‑week high (30 Nov 2025): €49.70
  • 52‑week low (30 Dec 2024): €35.90
  • Market capitalisation: €5.83 billion
  • Price‑earnings ratio: 8.62

Grupo Catalana Occidente remains a significant player in the Spanish insurance sector, offering a broad portfolio that includes multi‑risk, life, health, automotive and industrial insurance products. The recent corporate actions—dividend payment, takeover price adjustment, capital increase, and trading suspension—are key developments that will shape the company’s strategic trajectory and shareholder value in the coming months.