French SIIC Gecina said its shareholders have confirmed Joaquin Rivero as chairman of the company in a combined general meeting held last week. The appointment comes a week after Gecina's parent company Metrovacesa said it will agree to halt the separation plan with the French SIIC.
French SIIC Gecina said its shareholders have confirmed Joaquin Rivero as chairman of the company in a combined general meeting held last week. The appointment comes a week after Gecina's parent company Metrovacesa said it will agree to halt the separation plan with the French SIIC.
'The company has acknowledged that it is not possible to complete the execution of the plan,' Metrovacesa said in a statement to the stock market regulator CNMV.
In April Gecina said it was considering the 'definitive abandonment' of the separation plan. At the time, Metrovacesa had replied that in its view the two companies should do whatever possible to fulfil the agreement.
A month later Rivero stepped down as CEO of Gecina but remained on as chairman. Rivero's resignation came in response to a request by a number of shareholders who felt that the company's changed shareholder structure should be reflected in the board of directors. Metrovacesa currently holds 27% of Gecina.
Under the break-up plan, which was agreed before the onset of the credit crisis, Rivero, Metrovacesa's former CEO, would end up with control of the group's French assets while Roman Sanahuja Pons, Metrovacesa's former chairman, would retain control of the Spanish arm.
