Spanish bank La Caixa has acquired a 5.18% stake in Spanish property giant Metrovacesa after exercising options on shares held by the group's former owners, the Sanahuja family.
Spanish bank La Caixa has acquired a 5.18% stake in Spanish property giant Metrovacesa after exercising options on shares held by the group's former owners, the Sanahuja family.
In a statement to the stock market regulator CNMV, Metrovacesa said that La Caixa has bought 3.6 million Metrovacesa shares worth a total of some EUR 70 mln from the Sanahujas' investment holding Cresa. The operation was aimed at cancelling part of the EUR 458 mln in debt owed by the Sanahujas.
In February last year, the Sanahuja's main creditor banks, including BBVA, Banesto, Santander, Caja Madrid, and Banco Popular, took control of the company through a debt-for-equity swap. The Spanish family, which held 80.6% of Metrovacesa, handed over a 55% stake in the troubled company in exchange for EUR 2.2 bn of debt.
Following the deal with La Caixa, the Sanahujas hold just 17% of Metrovacesa, from 80.6% held a year ago. In early January British bank Barclays took a 6.98% stake in the Spanish property giant as part of the refinancing deal with the Sanahuja family.
