Cresa Patrimonial, the largest shareholder in Spanish property giant Metrovacesa, has played down a newspaper report that suggested it is preparing to make a bid for 100% of the company. Cresa sent a statement to Spanish stock market watchdog CNMV to say it had no intention of launching a further bid for Metrovacesa 'for the time being'.
Cresa Patrimonial, the largest shareholder in Spanish property giant Metrovacesa, has played down a newspaper report that suggested it is preparing to make a bid for 100% of the company. Cresa sent a statement to Spanish stock market watchdog CNMV to say it had no intention of launching a further bid for Metrovacesa 'for the time being'.
Cresa is the investment vehicle for the Sanahuja Family which was embroiled in a battle with Metrovacesa chairman Joaquim Rivero for control last year. Cresa tried to raise its stake in Metrovacesa from 36% to 44%, while Rovero and his business partner Juan Bautista Soler also tried to increase their holdings in Metrovacesa. A court ordered both sides in September 2006 not to purchase additional shares for six months, but the Sanahuja Family could get around this prohibition by seeking to take over the entire company.
Although denying such a move was imminent as newspaper Cino Dias suggested, Cresa told the CNMV that it reserved the right to consider aligning itself with a bid by a third party or to take court action to protect its interest in Metrovacesa.
