Spain's Metrovacesa is to take the first step this week towards the separation of the company into two units. The Spanish giant, which agreed last February on a plan to end a year-long battle between its two core shareholders, is to start the split-up process on Thursday, when the board will vote on the formulation of a takeover bid for 65 million Metrovacesa shares. The bid is very likely to be approved, according to a Metrovacesa spokesman. 'A clause in the agreement says that the company's main shareholders will have to pay EUR 600 mln compensation if the plan does not go through', Metrovacesa's official said.
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