Spain's Prisa to be listed on NYSE from Friday: company

2nd December 2010, Comments 0 comments

Spanish media giant Prisa announced it will be listed on the New York Stock Exchange from Friday following its merger with US investment group Liberty Acquisitions Holdings.

Spain's stock market regulator, the CNMV, "today (Thursday) approved the deal allowing the listing of shares and warrants of Prisa on both the New York and the Spanish Stock Exchanges, as a result of the approval of the merger with Liberty," the company said in a statement.

Prisa shareholders on Saturday voted to back the complex deal under which the group will acquire 100 percent of Liberty, which will inject some 650 million euros (850 million dollars) into the Spanish firm.

Liberty shareholders gave the green light to the deal days earlier.

Under the agreement first reached in March, family members related to Prisa's founder, Jesus de Polanco, will see their holdings fall to about 35 percent from 70 percent in exchange for the cash injection.

But Prisa has said the Polanco family "will retain control over the company and is guaranteed the continuity of management."

Prisa owns Spain's leading daily El Pais as well as other major newspapers and interests in television, radio and digital platforms in Spain, Portugal and Latin America, where it generates about a fifth of its annual revenues.

But the company, founded after Spain returned to democracy following the death of military dictator Francisco Franco in 1975, has been seeking fresh capital since early this year to refinance its debt of nearly 5.0 billion euros (6.5 billion dollars).

"Prisa has already received 650 million euros, which will serve to restore the finances of the company and repay debt in the restructuring process agreed with creditor banks," Prisa said Thursday.

It said these creditor banks "have signed a final bridge loan until May 2013."

© 2010 AFP

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