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Martinsa Fadesa cuts treasury stock to 1.976 pct

Tue Mar 25, 2008 12:13pm EDT

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MADRID, March 25 (Reuters) - Spanish property firm Martinsa Fadesa (MFAD.MC) said on Tuesday it had reduced its treasury stock to 1.976 percent of its capital, down from 2.425 percent declared in January.

The company is in the process of renegotiating debt of about 5 billion euros ($7.8 billion) with its creditor banks and expects to reach an agreement on Wednesday.

One of its creditors, Ahorro Corporacion, said on Monday it had direct control of 3.3 percent of Martinsa Fadesa and had the option of buying up to 4.9 percent of additional capital in a debt-for-equity swap. (Reporting by Clara Vilar; Translated by Chang-Ran Kim; Editing by David Holmes)



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