Joaquin Rivero, the majority shareholder in Gecina, said late on Tuesday that it has sold one million shares in the French company after a Paris court rejected his appeal against a ruling that he acted in concert with another Spanish shareholder to build up control of the company. The court decision will force Rivero to reduce his stake in Gecina or to launch a takeover bid for the company. Following the ruling, Rivero, via its investment firm Alteco, has his stake by 1.6% from 17.8% to 16.2%, selling shares to Nexgen at a price of EUR 87.85 per share.
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