The management boards of Spain's Grupo Martinsa and Fadesa Inmobiliaria have approved their merger through a share swap with a ratio of five Martinsa shares for every four Fadesa's shares. This values Martinsa's shares at EUR 0.03 and Fadesa's at EUR 0.10. The proposal still needs to be approved by both companies' shareholders.
The Grand Hotel Imperiale in Forte dei Marmi, Italy has been sold to UAE-based real estate company Emaar Properties, owner of renowned buildings such as the Burj Khalifa and the Dubai Mall.
