Metrovacesa's shareholders approved a plan this week to merge the Spanish property company with its chairman's rental firm, Sacresa Terrenos 2. The move is the latest step in a deal agreed last year to end a year-long battle for control of the company between its main shareholding groups.
Metrovacesa's shareholders approved a plan this week to merge the Spanish property company with its chairman's rental firm, Sacresa Terrenos 2. The move is the latest step in a deal agreed last year to end a year-long battle for control of the company between its main shareholding groups.
In a statement to the Spanish stock market regulator, Metrovacesa said it is incorporating Sacresa, a company owned by Metrovacesa's chairman and largest shareholder Roman Sanahuja. Sacresa, which rents office, industrial and hotel assets in Spain, will be absorbed via a EUR 10mln capital increase.
Metrovacesa will issue 6.8 million shares at a price of EUR 1.5 each, which will be exchanged with Sacresa stocks. The deal values Sacresa at EUR 515mln. Sanahuja told journalists of Spanish paper Cinco Dias that the merger will bring eight new large schemes to Metrovacesa's portfolio, located in the areas of Madrid, Barcelona and Perpiñán.
