Metrovacesa's chairman Joaquin Rivero and the Sanahuja family are planning to split up Spain's largest developer in an agreement that will end a year-long battle for control of Metrovacesa. Under the plan, Rivero and his investor partner Bautista Soler will become 'reference shareholders' of France's Gecina, in which Metrovacesa holds a 68% stake, while the Sanahujas will increase their holding in Metrovacesa, the company has said.
Metrovacesa's chairman Joaquin Rivero and the Sanahuja family are planning to split up Spain's largest developer in an agreement that will end a year-long battle for control of Metrovacesa. Under the plan, Rivero and his investor partner Bautista Soler will become 'reference shareholders' of France's Gecina, in which Metrovacesa holds a 68% stake, while the Sanahujas will increase their holding in Metrovacesa, the company has said.
The Sanahuja family, owner of 39.6% of the Madrid-based company's shares, will raise its stake as a result of the agreement. Metrovacesa has EUR 12.6 bn worth of asset. Rivero holds a 19.4% stake in the company and Soler holds 16.8%. Metrovacesa's shareholders may choose to remain investors in either Metrovacesa or Gecina, or in both, and an 'equal treatment' will be offered to minority stockholders of Gecina.
Rivero and the Sanahujas have been struggling for control of Spain's largest office landlord in mainland Europe all through 2006. Last year, Metrovacesa got control of Gecina to give it access to some of Europe's most valuable office buildings, as well as the benefit of tax breaks.
