Spanish property company Grupo San Jose has won approval for to take a 50.79% interest in peer Parquesol. The success of the bidding was guaranteed, given that Grupo San Jose and New GP Cartera, which owns a 54.77% stake in Parquesol, reached agreement for a 100% buy-out by San Jose in July 2006, Spanish newspaper BolsaCinco reported.
Spanish property company Grupo San Jose has won approval for to take a 50.79% interest in peer Parquesol. The success of the bidding was guaranteed, given that Grupo San Jose and New GP Cartera, which owns a 54.77% stake in Parquesol, reached agreement for a 100% buy-out by San Jose in July 2006, Spanish newspaper BolsaCinco reported.
The bid, which gives San Jose a 50.79% stake in Parquesol, comes to a total of EUR 466 mln valuing the company at EUR 23.10 per share, Parquesol told Spanish Stock Market Agency CNMV. The Spanish banks Caja Burgos and Caja Castilla-La Mancha, which jointly own a 14% stake in Parquesol, refused San Jose's offer, and analysts at Ibersecurities said the offer is significantly below the value of the group.
The EUR 917 mln takeover offer by Udramed, the investment arm of Grupo San Jose, was approved by CNMV early in December 2006. Parquesol, a property company based in Spain, had net profit for EUR 47.8 mln in the period January-September 2006, which means an increase of 14% compared to the same period the year before.
