French property firm Gecina said Thursday it had gone ahead with the proposed share swap with and separation from Spanish property giant Metrovacesa, bringing to an end the dispute between Metrovacesa's three main shareholders, the Sanahuja family, Joaquin Rivero and Bautista Soler. Following the move, Rivero and Soler are Gecina's main two shareholders.
French property firm Gecina said Thursday it had gone ahead with the proposed share swap with and separation from Spanish property giant Metrovacesa, bringing to an end the dispute between Metrovacesa's three main shareholders, the Sanahuja family, Joaquin Rivero and Bautista Soler. Following the move, Rivero and Soler are Gecina's main two shareholders.
The company said its board agreed Wednesday to transfer 37 real estate assets, valued at around EUR 1.9 bn, to Medea, 96.7% owned by the Sanahuja family's holding company, as well as the cash subscription for a EUR 24 mln capital increase reserved from Medea. Following the transaction Gecina will hold a 99.8% stake in Medea.
The board also approved the previously proposed public buyback offer for up to 13.9 millionGecina shares, to be paid for in Medea shares. The exchange ratio was set at 20.5 Medea shares for 1 Gecina share. The Gecina shares bought back will be cancelled through a capital reduction.
