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Spain's Metrovacesa close to selling Gecina stake - report
June 2, 2014 / 6:40 AM / 3 years ago

Spain's Metrovacesa close to selling Gecina stake - report

MADRID, June 2 (Reuters) - Spanish builder Metrovacesa is close to completing the sale of its 27 percent stake in French builder Gecina for 1.8 billion euros ($2.46 billion) to two U.S. funds, Expansion reported on Monday, citing sources close to the deal.

Blackstone and Ivanhoe Cambridge, which already own 23 percent of Gecina, were looking at ways to avoid being legally obliged to launch a full takeover bid, including teaming up with a third partner, the paper said.

Metrovacesa was taken over by creditor banks Santander , BBVA, Sabadell, Bankia and Popular after failing to make debt payments in the wake of Spain’s property crash in 2008.

A spokesman for Metrovacesa declined to comment on the report. ($1 = 0.7328 Euros) (Reporting By Sarah Morris; Editing by Paul Day and Louise Heavens)

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