Metrovacesa may delist shares before split up

Metrovacesa's share price fell 8.4% as trading resumed after a suspension on Monday when plans to split up Spain's largest property company in two groups were announced. The plan valued Metrovacesa at EUR 76.7 per share, while the company's share price closed at EUR 118 last Friday.

Amid general concerns over the firm's latest developments, Spanish national newspaper El Mundo said on Wednesday that Spanish stock market regulator CNMV may force Metrovacesa to delist its shares before implementing the plan. Another national Spanish newspaper El Pais reported that Metrovacesa's major shareholders Joaquin Rivero, Bautista Soler, and the Sanahuja family, which agreed on the plan to divide the group, will have to pay a EUR 600 mln fine if either of them breaks the agreement to divide the company.