Spain's stock market regulator CNMV has given the go ahead to Metrovacesa's break-up plan. The CNMV said in a preliminary analysis that the plan 'is consistent with stock-market rules' but added that the associated share tender offers will require further scrutiny and authorization.
Spain's stock market regulator CNMV has given the go ahead to Metrovacesa's break-up plan. The CNMV said in a preliminary analysis that the plan 'is consistent with stock-market rules' but added that the associated share tender offers will require further scrutiny and authorization.
Metrovacesa decided in February to spin off its French arm Gecina to end a shareholders' battle for control that was dominating the agenda at Spain's largest property group. As a consequence of the break-up, Gecina may suspend its plan to consolidate its residential assets in a dedicated unit called Resico, which it intends to float on the stock market.
