Realia Soars Up 11% Right Before Its Sale

29/05/2014 – El Confidencial

Yesterday, the shares of Realia on the Continuous Stock Market geared up and shot by 10.6% to €1.39 per share. The sudden jump should be probably assigned to the imminent arrival of binding offers for the real estate firm to its main stakeholders, FCC and Bankia, tomorrow.

The operation follows the recent transfer of Realia´s French branch, SIIC de Paris, to Eurosic.

What is more, yesterday 29.9 million new shares of the real estate company were listed in the Stock Exchange, equal to 6.85% of the stake. FCC swapped the debt Realia owned to it for shares and now the construction company holds 36% instead of 30%. After a year of intensive tightening the belt, the real estate firm will start to analyze selective purchases again.

Year-to-date, Realia´s shares registered a 67% appreciation thanks to the looming sale and it is believed that when FCC and Bankia shed their 64% stake, the purchaser will have to submit a takeover bid for the entire company.

 

Original article: El Confidencial (by R. U.)

Translation: AURA REE

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