The EUR 4.04 bn takeover offer made by Spanish property company Martinsa for peer Fadesa has been approved by Competencia, the Economy and Housing Ministry's competition agency. The offer now requires the consent of CNMV, the National Commission on Stock Exchanges.
The EUR 4.04 bn takeover offer made by Spanish property company Martinsa for peer Fadesa has been approved by Competencia, the Economy and Housing Ministry's competition agency. The offer now requires the consent of CNMV, the National Commission on Stock Exchanges.
The bid of EUR 35.70 a share is likely to succeed given that the Jove family, Fadesa's main shareholder, has already agreed to sell its 54.6% share. If the deal goes through, Martinsa's owner will get 77,44% of the property company while Antonio Martin will get 22.56%. Martinsa was founded in 1991 and its portfolio includes 7 million m2 of land in Spain.