Shareholders of Spanish real estate company Metrovacesa are to receive shares in French company Gecina in return for their Metrovacesa shares as part of the first stage in the separation of the two companies. The move follows the approval of Spanish securities regulator (CNMV) for Metrovacesa's public stock buyback offer. The exchange ratio is 0.585 Gecina share for every Metrovacesa share put forward for the offer.
Shareholders of Spanish real estate company Metrovacesa are to receive shares in French company Gecina in return for their Metrovacesa shares as part of the first stage in the separation of the two companies. The move follows the approval of Spanish securities regulator (CNMV) for Metrovacesa's public stock buyback offer. The exchange ratio is 0.585 Gecina share for every Metrovacesa share put forward for the offer.
Metrovacesa's public stock buyback tender offer on its own shares will run from 24 September to 24 October 2007. The settlement-delivery date for the securities is scheduled for around 22 November 2007, further to a capital increase to be carried out by Metrovacesa.
The separation agreement will put an end to disputes between Metrovacesa’s three main shareholders, the Sanahuja family, Joaquin Rivero and Bautista Soler, and as a result clarify Gecina's shareholding structure. Rivero and Soler will become the main two shareholders in Gecina.
