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8 January 2008
MADRID – The Sanahuja family said yesterday it would "adopt the measures it deems necessary" to maintain Metrovacesa as a listed company after its public offer for the shares in Spain’s leading property company it does not already own.
Through their Undertake Options vehicle, the Sanahujas yesterday formally sought permission to launch their takeover of Metrovacesa at EUR 83.21 per share. The family currently owns 70.52 percent of the property company, with its stake increasing as a result of a capital decrease, which triggered a mandatory takeover for the rest of the year. Metrovacesa’s stock closed up 0.06 percent yesterday at EUR 81.85.
The capital decrease took place as part of a complex operation to resolve a dispute over control of Meterovacesa. As a result of this, the Sanahujas will be left largely with Metrovacesa’s Spanish operations, while their rivals, Spanish businessmen Joaquín Rivero and Bautista Soler will get its French unit Gecina.
The Gecina side of the operation, however, has been blocked by the French securities markets gendarme.
[Copyright El Pais / Adrián Soto 2008]
Subject: Spanish news