Spanish property firm Astroc Mediteranneo said it could acquire five or six smaller firms to simplify its company structure. Speculation about Astroc's financial position earlier this year led to a 70% drop in the company's share price and triggered a massive sell-off of Spanish property shares on fears the Spanish property market was set to implode. Astroc shares had risen 1000-fold since it IPO in May 2006, before collapsing following the panic in April of this year.
Premium subscriber content – please log in to read more or take a free trial.
