A minority shareholder of Spain's Metrovacesa has thrown a spanner into the works as the property company seeks to refinance its debt following the takeover of France's Gecina. Newspaper El Economista cited chairman Joaquin Rivero as saying a shareholder, who holds no more than 0.02% of the company, has blocked the bond issue through a court injunction. The unnamed person is unhappy shareholders will not be permitted to participate in the operation.
A minority shareholder of Spain's Metrovacesa has thrown a spanner into the works as the property company seeks to refinance its debt following the takeover of France's Gecina. Newspaper El Economista cited chairman Joaquin Rivero as saying a shareholder, who holds no more than 0.02% of the company, has blocked the bond issue through a court injunction. The unnamed person is unhappy shareholders will not be permitted to participate in the operation.
Previously, the Sanahuja family who have jostled with Rivero for control of Metrovacesa also tried but failed to get the courts to block a convertible bond issue. Rivero hopes the courts will also reject the latest legal action.
