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Provider: Reuters Investment Profile
Provider: Pechala's Reports
Provider: Pechala's Reports

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Metrovacesa SA To Be Delisted By Bank Shareholders, Including Banco Santander SA; Banesto To Sell Its Stake In Metrovacesa SA To Banco Santander SA

Wednesday, 19 Dec 2012 12:22pm EST 

Metrovacesa SA announced that its majority shareholders had agreed to launch a tender offer to buy all outstanding shares and delist the Company, in the latest blow for Spain's deeply troubled property sector. Spanish banks, which owns Metrovacesa’s shares as follows: Banco Santander SA 22.599% stake, Banco Bilbao Vizcaya Argentaria (BBVA) 17.34% stake , Banco de Sabadell SA 12.352% stake, and Banco Popular SA 11.969% stake, set the offer price at EUR 2.28 per share, a 175 percent premium to the current price. Another shareholder, Bankia SA has committed to hold onto its shares, while Banesto SA will sell them to its parent company Banco Santander SA before the operation. Altogether, banks currently own a 95.594% of Metrovacesa SA. The delisting will cost them EUR 99 billion (USD 131.3 billion). 

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16 Sep 2014