Spain's stock market regulator CNMV gave the go-ahead on Wednesday to Inmobiliaria Colonial's EUR 709 mln share issue, the company said in a statement. Colonial plans to issue about 230 million new shares at EUR 3.10 per share. Proceeds will be used to help finance Colonial's EUR 2 bn bid for retail specialist Riofisa, as well to cut its debt, which currently amounts to some EUR 7.2 bn. The Spanish giant added that shareholders will have the right to subscribe to one new share for every six shares they already own. The subscription period runs from 19 July to 2 August.
Spain's stock market regulator CNMV gave the go-ahead on Wednesday to Inmobiliaria Colonial's EUR 709 mln share issue, the company said in a statement. Colonial plans to issue about 230 million new shares at EUR 3.10 per share. Proceeds will be used to help finance Colonial's EUR 2 bn bid for retail specialist Riofisa, as well to cut its debt, which currently amounts to some EUR 7.2 bn. The Spanish giant added that shareholders will have the right to subscribe to one new share for every six shares they already own. The subscription period runs from 19 July to 2 August.
The acceptance period for Colonial's bid for Riofisa will end on 30 July, the company added. The offer has already been accepted by Riofisa's majority shareholder Riofisa Holding, which owns some 50,001% of the company. Colonial is offering EUR 44.31 per share, or a total of EUR 2 bn, for Riofisa.