Metrovacesa's chairman Joaquin Rivero said he will leave his post in October, just before the separation process of the Spanish company is completed. The plan to split up Metrovacesa's assets into two separate units, generated by a wish to appease the company's rival core shareholders Rivero and the Sanahuja family, was approved on Thursday during the company's shareholders meeting.

Metrovacesa's chairman Joaquin Rivero said he will leave his post in October, just before the separation process of the Spanish company is completed. The plan to split up Metrovacesa's assets into two separate units, generated by a wish to appease the company's rival core shareholders Rivero and the Sanahuja family, was approved on Thursday during the company's shareholders meeting.

The first step of the plan includes the formulation of a takeover bid for 65 million Metrovacesa shares, or about 60% of the company's share capital. The offer will be paid through Gecina shares, which will be swapped with an exchange ratio of 0.585 Gecina shares for each Metrovacesa stock. Under the plan, the Sanahuja family, core shareholder with a 39.6% stake, will take control of Metrovacesa's Spain-focused unit, while Joaquin Rivero and business partner Bautista Soler with a 36.22% stake, will have control of the French unit Gecina.

Rivero said after leaving the company he will move on to head up Bami, a property company which will manage some EUR 270 mln of assets in Spain, mainly in office rentals. With regard to Gecina, Rivero indicated that the current situation in Europe 'does not favour major acquisitions, amid high prices and tight yields.’