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Martinsa in $5B Takeover of Spanish Rival

MADRID-Grupo Martinsa continues the consolidation of the Spanish real estate market with a euro 4-billion ($5.07-billion) agreed takeover of rival Fadesa Inmobiliare.

By Anita Howarth | Updated on September 28, 2006

MADRID-Grupo Martinsa, an unlisted Spanish real-estate company, has agreed to a takeover of larger rival Fadesa Inmobiliare for about euro 4 billion ($5.07 billion). Martinsa is offering euro 35.7 ($45.28) per Fadesa share in the latest of a string of mergers and acquisitions in the Spanish real estate market in which smaller unlisted construction companies buy into publicly traded peers.

A statement by Martinsa, headed by businessman Fernando Martin, said it had secured a 54.6% stake in Fadesa, worth around euro 2.2 billion ($2.79 billion). Fadesa is owned by chairman Manuel Jove and his family. The deal between Martinsa and the Jove family is irrevocable even in the event of a higher rival bid for Fadesa, the companies said in a filing with the Spanish regulator. The Martinsa statement added that it will launch a full bid for the company within 35 days at 35.7 eur per share. The announcement confirms rumours circulating in the Madrid market earlier.

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