Riding on the Metrovacesa

28 March 2003 By Rob Cox Follow @rob1cox

In Spain, a shareholder with a 25% stake could normally expect to control the company disadvantaging other investors. But the current battle for Metrovacesca gives shareholders an opportunity to change this accepted wisdom.

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A consortium led by Italian builder Caltagirone raised its offer for Spanish property firm Metrovacesa by 8% to E1.8bn, or E27 a share. The Italian group is trying to acquire at least half of the company. The offer runs until April 10.

Metrovacesa has not recommended the offer. The company is 24%owned by a rival Spanish construction firm, Bami, which acquired its stake for E36.55 a share last year in a deal that effectively allowed it to control Metrovacesa's board. Bami has said it plans to merge with Metrovacesa, though it has not released terms.

Lazard is advising Caltagirone. Merrill Lynch is advising Metrovacesa.

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