Spanish construction company Sacyr SA is not preparing to merge with real estate company Vallehermoso SA , said a person close to Sacyr management who declined to be named. Spanish financial daily Expansion said Monday the two companies have begun merger preparations after Sacyr took a 24.5% stake in Vallehermoso in May.
A Sacyr spokesman declined to comment on the Expansion report, although he said that a merger between the two companies would 'make sense' and 'could be possible sometime in the future.'
The merger speculation comes at a time of talks elsewhere in Spanish real estate sector. Inmobiliaria Bami SA is preparing to merge with Metrovacesa SA, after taking a 23.9% stake in its rival earlier this year.
Inmobiliaria Colonial SA said last month it had approached Bami and Metrovacesa to discuss the possibility of a three-way merger, a proposal which Bami rejected last week.
(source: Dow Jones Newswires)