Agreement of Caltagirone and Marchini with Spanish branch of Intesa Bank concerning Metrovacesa

The groups Caltagirone and Marchini have reached an agreement with the Spanish branch of the Intesa Bank, that it will finance the public offer of the acquisitions of the shares (OPA) sent on 100 % of the capital of Metrovacesa, by a total amount of € 1.77 mln. This gives Metrovacesa the possibilities to expand.

The Italian societies Quart (Caltagirone) and Astrin (Marchini) explain that they have obtained an individual endorsement to the OPA on the part of this Italian financial organization for the sum of € 884.97 mln. each. So there is an agreement that the Italian bank facilitates the financing of the supply for them, that both will complete with own bottoms. Quarta explains that it will count with their own resources for the sum of € 280.6 mln. coming from reserves or contributions of its partners, besides an external credit of € 704.99 mln. Whereas Astrim will contribute € 86.26 mln. and will ask a credit of € 860.44 mln.

The two companies have reached an agreement with the Italian bank Monte Pachi di Siena that guaranteed the 50% of the financing contracts. As a guarantee to these credits, Caltagirone concedes a number of shares from Metrovacesa, a 20% of the amount of the financing. Whereas Astrim will give all their shares of the Spanish real estate market that they obtained through the OPA, a maximum of 32,77 million entitlements.

However, both Italian groups show his vocation of permanence in the capital of the society with the purpose of extending their activities in the Spanish real estate market.
As far as the management of the real estate company, condition to take a decision on his “organizational model” to the result of the supply, whose term of acceptance concludes the 15 of April. But they also express their will to maintain Metrovacesa in the stock market and to count on the representation that the participation in the company allows them. In this way, they advance the purpose to eliminate the reduction of the rights of the vote statutes of Metrovacesa, to consider that the “proportionality between participation and vote will favour the transparency and protection towards the investors”.

Source: Metrovacesa

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