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Sanahuja Resumes Metrovacesa Onslaught

MADRID-A month after Metrovacesa chairman Joaquin Rivero Valcarce blocked a bid to gain control of the company, Sacresa launches a second attempt.

By Anita Howarth | Updated on June 19, 2006

MADRID-Sacresa SL has sought the approval of the stock market regulator to acquire another 26.9% stake in Spain’s largest property company Metrovacesa. The new stake would give it a holding of just over 50%, which under current rules would trigger an automatic bid for the whole company.

But a statement by Sacresa added that it would sell 0.29% of Metrovacesa in order to avoid going over 50% threshold. The statement added that the company is prepared to increase its current offer of 78.10 euros per share. The company promised that if it won acceptances for the bid from shareholders representing more than 50% of Metrovacesa’s share capital it would pass on any excess shares to a financial holding entity.

This is the second time in four months that the Sanahuja family, which owns Sacresa, has sought to gain control of Metrovacesa. In March, the family offered 78.10 euros per share for 20% of Metrovacesa. In May, Metrovacesa chairman Joaquin Rivero Valcarce and shareholder Bautista Soler made a counter-offer for 26% at 80 euros per share.

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