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Article: Martinsa buys Fadesa in hot Spanish marketMARKETPLACE by Bloomberg
- Article from:
- International Herald Tribune
- Article date:
- September 29, 2006
- Author:
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Joao Lima and Paul Tobin
International Herald Tribune
09-29-2006
Grupo Martinsa, an investment company, has agreed to buy Fadesa Inmobiliaria, a Spanish real estate company, for about 4 billion.The deal, for the equivalent of $5.1 billion, would quadruple Grupo Martinsa's land holdings amid a booming Spanish real estate market.The chairman of Fadesa, Manuel Jove, will sell his family's 54.6 percent stake in Fadesa, which based in La Coruna, to Martinsa, according to a regulatory filing made Thursday.Martinsa, a closely held company based in Madrid and led by Fernando Martin, offered 35.70 for each of the remaining shares, 21 percent more than the closing price Wednesday of 29.55.The offer ...