2012-05-10 —

Spain's bank bailout fund will convert its 4.5 billion euros ($5.8 billion) of preferred shares in Bankia's parent company Banco Financiero y de Ahorros, or BFA, into voting shares, the Economy Ministry said in a statement yesterday. The action will give it a controlling stake of 45 percent in Bankia, the ministry said, adding the government will provide the capital that's "strictly necessary" to clean up the lender.

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