Metrovacesa's majority shareholder the Sanahuja family has announced it will launch a cash offer for all Metrovacesa share that minor shareholders decide not to exchange for stock in Metrovacesa's French unit Gecina, as part of process of splitting up Metrovacesa.
Metrovacesa's majority shareholder the Sanahuja family has announced it will launch a cash offer for all Metrovacesa share that minor shareholders decide not to exchange for stock in Metrovacesa's French unit Gecina, as part of process of splitting up Metrovacesa.
The Sanahuja family, which holds of Metrovacesa, will offer EUR 83.21 in cash for each share. This process will take place after the share-swap that forms part of the company's separation plan. Under the plan, Spain's largest property group will offer 0.585 Gecina share for each Metrovacesa share, Spanish newspaper Cinco Dias reported.
Splitting up Metrovacesa is intended to end a yearlong battle for control between Joaquin Rivero and his supporter Bautista Soler on one side and the Sanahujas on the other. It has been agreed that the Sanahujas will initially increase their stake in Metrovacesa to above 50%, but the Spanish family said it is planning to reduce its stake to below 50% within six months to prevent the requirement to launch a full offer for the company.
