Spanish banks Caja de Ahorros y Pensiones de Barcelona (La Caixa) and Banco Popolar said on Tuesday in a statement to the Spanish securities watchdog CNMV that they are still in talks with Inmobiliaria Colonial's core shareholders, Luis Portillo and Luis Nozaleda, to acquire a stake in the debt-laden company after Colonial shareholders borrowed money from the banks using stocks as guarantee. The Spanish bank added it could join forces with other creditor banks if Colonial shareholders decide to swap their debt into equity in the Spanish group.
Spanish banks Caja de Ahorros y Pensiones de Barcelona (La Caixa) and Banco Popolar said on Tuesday in a statement to the Spanish securities watchdog CNMV that they are still in talks with Inmobiliaria Colonial's core shareholders, Luis Portillo and Luis Nozaleda, to acquire a stake in the debt-laden company after Colonial shareholders borrowed money from the banks using stocks as guarantee. The Spanish bank added it could join forces with other creditor banks if Colonial shareholders decide to swap their debt into equity in the Spanish group.
The banks added that such a bank consortium would not control more than 30% of Colonial's share capital, the threshold above which any company is obliged under Spanish law to launch a takeover bid.
French bank Natixis said this month it has bought 50 million shares in Spanish property giant from its former chairman Luis Portillo. Portillo had borrowed EUR 102mln from Natixis, using about 50 million shares, about 3.06% of Colonial's share capital, as guarantee.
