Savings bank Cajas de Ahorros del Mediterraneo (CAM) has sold a 2.44% stake in Metrovacesa for EUR 307.8 mln. The Spanish lender declined to reveal the profit it made through the share sale of a company that more than doubled its value last year. The shares were sold at EUR 124 each, CAM said in a regulatory filling.

Savings bank Cajas de Ahorros del Mediterraneo (CAM) has sold a 2.44% stake in Metrovacesa for EUR 307.8 mln. The Spanish lender declined to reveal the profit it made through the share sale of a company that more than doubled its value last year. The shares were sold at EUR 124 each, CAM said in a regulatory filling.

Metrovacesa's chairman Joaquin Rivero is losing one of his allies with the departure of CAM, Spanish newspaper El Economista said. The bank supported Rivero in his battle against the Sanahuja family for control of Metrovacesa. It is understood that CAM will use the money to finance its growth expansion outside Spain.

At the end of December the president of Grupo Planeta Jose Manuel Lara joined Metrovacesa's board, after its publishing company became the fourth biggest shareholder in the Spanish property group through the purchase of a 5.18% stake from Bancaja for EUR 632 mln.

Lara inclusion on the board is considered crucial for the resolution of the conflict between Joaquin Rivero and Bautista Soler Crespo on one side and family Sanahuia on the other for control of Metrovacesa.