Troubled Spanish real estate group Metrovacesa is being taken private by its creditor banks and main shareholders in an attempt to reduce costs.
Troubled Spanish real estate group Metrovacesa is being taken private by its creditor banks and main shareholders in an attempt to reduce costs.
Banks Santander, BBVA, Sabadell and Popular - the main shareholders of Metrovacesa with a combined 76.4% - have launched a tender offer to delist the real estate company after over 70 years of trading history.
Bankia, which owns another 19% of the company, has agreed to support the move without participating in the tender.
The price was set at €2.28 per share, valuing the entire transaction at just less than €100 mln. Following the deal, Banco Santander will own a 36.9% stake in the company, followed by Bankia with 19%, BBVA with 18.3%, Banco Sabadell with 13% and Banco Popular with 12.6%.
The Madrid-based property group has been controlled by the banks since its former owner the Sanahuja family exchanged debt for shares in February 2009.
The company has since been selling assets to reduce its debt load. In November last year, it divested the landmark Access Tower in Frankfurt as part of its strategy to withdraw from foreign markets and refocus on its domestic business.
