• Most Popular
  • Most Shared

UPDATE 1-Codere core shareholders say could sell stake

Mon Sep 29, 2008 10:41am EDT

Stocks

   

(Adds detail)

MADRID, Sept 29 (Reuters) - The majority shareholder in Spanish gaming firm Codere (CDRE.MC) is studying possible options for its 71 percent stake, including its eventual sale.

In a statement to the bourse regulator CNMV on Monday, Codere said the Martinez Sampedro family will make a decision on the stake on or before Oct. 31, which is the deadline for a payment of 188 million euros ($269.8 million) to the former Codere owners, the Franco family, for a 41 percent stake in the gaming firm.

Earlier on Monday a source close to Codere, referring to the terms of the purchase of the Franco stake, told Reuters: "As the deadline for the payment is not yet up and everything is up in the air (the Martinez-Sampedro family) is keeping its options open".

Under the terms of the agreement, the source said that if the Martinez Sampedro family does not make the payment, it will have to renegotiate its debt or otherwise a mechanism will be triggered whereby the payment is guaranteed through the sale of the shares.

In a research note, Ibersecurities flagged Ladbrokes (LAD.L) or Greek gaming company Opap (OPAr.AT) as potential buyers for the stake.

Asked whether Opap had had any contact with Codere or was interested in a stake in the firm, Opap Chief Executive Christos Hadjiemmanuil told Reuters: "We will not comment on that". (Reporting by Rodrigo de Miguel, Raul Tebar and Judy MacInnes; Editing by David Holmes)



More from Reuters

Joint Terminal Attack Controller SSgt Clinton J. Herbison, a U.S. Airman from the 817 Expeditionary Air Support Operations Squadron (EASOS) takes a break during a night mission near Honaker Miracle camp at the Pesh valley of Kunar Province August 12, 2009. Credit: REUTERS/Carlos Barria

Pictures of the Year

A look at the best photos of 2009.  Slideshow 

    PICTURES
    The Dalai Lama jokes with a nasal spray after being asked his opinion on the swine flu during a press conference after his first lecture in Lausanne, Switzerland, August 4, 2009. REUTERS/ Valentin Flauraud

    What a wacky year it's been...

    Um, what's up the Dalai Lama's nose? "Oddly Enough" editor Bob Basler rounds up the goofiest photos of the year.  Full Article 

    Oddly Enough
    A caution sign is seen next to a stock board at the Australian Securities Exchange (ASX) in Sydney September 5, 2008. REUTERS/Daniel Munoz
    Political Risk in 2010:

    Don't say we didn't warn you

    With the financial crisis (mostly) in the past, U.S. investors are eying a fresh start to the coming year. Here's a look at what speedbumps lie ahead.  Full Article 

    Global Markets