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Chairman: Metrovacesa Battle Blocks Bid for Rival

MADRID-The increasingly bitter struggle for control of Spain's largest property company prevents it bidding for other smaller companies.

By Anita Howarth | Updated on August 11, 2006

MADRID-The bidding war for control of the board of Metrovacesa has prevented the company from making a possible bid for Inmobiliaria Colonial SA, the group’s chairman Joaquin Rivero reports. Spanish takeover legislation means board members of a takeover target cannot take an active role in company policy, which could affect the outcome of bids. Rivero and fellow board member Bautista Soler says that Colonial would have been a perfect fit in Metrovacesa’s expansion strategy.

Last month, the Spanish stock-market regulator approved Grupo Inmocaral’s takeover offer for the much larger office property group Inmobiliaria Colonial SA. The merged company has a market capitalization of about $8.8 billion.

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