Metrovacesa returns with an advance of a 5.4 percent, after the increasing of the price of opa by th

The actions of Metrovacesa returned to the market with an advance of 5.47 percent, with its quotation it approaches 27 euros, the new price offered by the Italian groups Iberian Quarta and Astrim for each title of the real estate. Just before the return to the market, the actions of Metrovacesa were quoted to 26.42 euros and the investors interchanged titles for the sum of 6.04 million euros.

The maximum price of the crossed operations were on a value of 26.49 euros and the minimum change was 26,37 euros. The improvement of the economic credit loan of OPA elevates the total amount of this operation up to 1,770 million euros. It is the second improvement that the Italian groups introduce in the OPA since the 22nd of January on Metrovacesa. With this they interrupt their process of fusion with Bami, their first shareholder since June 2002 bought to the BBVA the 23.9 percent of the society for 534.4 million euros. The 15th of March 2003, Caltagirone and Marchini elevated from 75 to 100 percent of the percentage of the share capital towards the offer, and now it elevates the price in metal to 27 euros who they propose to pay to the shareholders who accept the offer. With these two improvements, the Italian groups both draw for main arguments in which the advice of administration of Metrovacesa was based to reject unanimously the OPA, their partial character and a price, the one of 25 euros, that, in his opinion, 'did not reflect to the real value of the real estate'.

Source: Metrovacesa

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