Spanish real estate giant Metrovacesa has informed the country's securities watchdog CNMV that it is to mount a share swap with its French subsidiary Gecina. The move is part of Metrovacesa's separation plan agreed last February and which is aimed at ending a year-long battle for control between Metrovacesa's main shareholder groups.

Spanish real estate giant Metrovacesa has informed the country's securities watchdog CNMV that it is to mount a share swap with its French subsidiary Gecina. The move is part of Metrovacesa's separation plan agreed last February and which is aimed at ending a year-long battle for control between Metrovacesa's main shareholder groups.

Metrovacesa is making an offer for 64 million of its own shares to be paid through Gecina stock. The process is aimed at separating Metrovacesa's Spanish and French operations, which will be controlled by Joanquin Rivero and business partner Bautista Soler, and the Sanahuja family respectively. Under the plan, each Metrovacesa share will be swapped with Gecina's at a ratio of 1-for-0.58. This values Metrovacesa shares at EUR 75.67 per share, while Gecina shares are valued at EUR 129.36 each.

Metrovacesa's shares stood at EUR 78.45 in late trading on Friday.