Metrovacesa's chairman Joaquin Rivero has contacted Inmocaral's boss Luis Portillo and Prasa's Jose Romero as he seeks new investors for Spain's largest property company, Spanish newspaper Cinco Dias has reported. Rivero is willing to sell part of his stake in Metrovacesa to the other real estate investors to convince them to take part in the new share issue approved by Metrovacesa's board last year.
Metrovacesa's chairman Joaquin Rivero has contacted Inmocaral's boss Luis Portillo and Prasa's Jose Romero as he seeks new investors for Spain's largest property company, Spanish newspaper Cinco Dias has reported. Rivero is willing to sell part of his stake in Metrovacesa to the other real estate investors to convince them to take part in the new share issue approved by Metrovacesa's board last year.
The move would help Rivero to counteract Metrovacesa's largest shareholder, the Sanahuja family, which holds a 39.6% stake. Rivero holds 36.1% in Metrovacesa, jointly with the entrepreneur Bautista Soler.
Portillo, also the chairman of property companies SFL and Colonial, held a 5.6% stake in Metrovacesa until December 2005, when he sold it back to Rivero. Sources close to Jose Romero, chairman and majority shareholder in Prasa, confirmed the negotiations took place, although they stressed 'nothing has been signed yet'.
