Spain's Bami to buy Metrovacesa stake from BBVA

Spanish property firm Bami has agreed to buy a 23.9 percent stake in the countryÂ's second-biggest real estate firm Metrovacesa from bank BBVA, a director of Bami said on Tuesday.

'Early this morning, an agreement was reached with BBVA to buy 23.9 percent of Metrovacesa,' Jose Gracia, a Bami director, told Reuters.

The deal makes Bami the biggest shareholder in Metrovacesa but is below the 25 percent which would force Bami to launch a takeover bid for the company.

The price Bami is paying for the shares was not immediately available. The agreement is the latest of a series of deals that are reshaping SpainÂ's booming property and construction sectors.

(source: Reuters)

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