Property group Martinsa's EUR 4.045 bn takeover bid for Spanish peer Fadesa Immobiliaria has received the green light from the country's stock market regulator CNMV. In a statement, the stock authority said the bid of EUR 35.70 per share is conditional on a minimum acceptance of 54%. It noted, however, that Fadesa's majority shareholder Manuel Jove has already agreed to sell his 54.6% interest.
Property group Martinsa's EUR 4.045 bn takeover bid for Spanish peer Fadesa Immobiliaria has received the green light from the country's stock market regulator CNMV. In a statement, the stock authority said the bid of EUR 35.70 per share is conditional on a minimum acceptance of 54%. It noted, however, that Fadesa's majority shareholder Manuel Jove has already agreed to sell his 54.6% interest.
The full bid is being made by Martinsa's owner Fernando Martin and Huson Big's Antonio Martin. If the deal goes through, the former will invest some EUR 3.132 bn for a 77.44% stake in the property company, whilst the latter will control the remaining 22,56% with an investment of EUR 912 mln. The transaction will be financed by the Spanish lenders La Caixa and Caja Madrid.
The two entrepreneurs have decided to merge their companies Martinsa and Huson Big with Fadesa, Spanish newspaper Cinco Dias reported. Following the merger, Fernando Martin will own between 50% and 75% of the new group, which will keep the name of Fadesa.
Fadesa, a leading Spanish property company, is controlled by two major shareholders, Manuel Jove with 54.6% and Iaga Gestion de Inversiones with 21.15%. The group is active in Spain, Hungary, France, Portugal and Morocco through its 20 branch offices. It has also offices in London and Poland.
