Six banks have taken control of Metrovacesa, Spain's largest property company, through a debt-for-equity swap with its majority shareholder. The Sanahuja family, which held 81% of Metrovacesa, has handed over a 65% stake in the troubled company to creditor banks BBVA, Banesto, Popular, Sabadell, Santander and Caja Madrid for a price of EUR 57 per share. The Spanish family is retaining an option to buy back the stake for the same price by 2012.
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