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Rivero & Soler Stumble in Battle Against Blackstone

6/03/2014 – Expansion

Next chapter of the scuffle between two Spanish businessmen and the U.S. fund Blackstone over the 22.9% stake at Gecina.

The Provincial Court of Madrid has decided to lift the precautionary measures imposed upon the shares of Gecina that Joaquín Rivero and his business partner Bautista Soler held through their holding in Alteco and Mag Import. The Mercantile Court Nº8 of Madrid´s decision was made when these companies entered in a tender in October 2012.

The shares were collateral to a €1.600 million loan granted by several Spanish banks to Rivero and Solar so that they could buy their stake. At the moment of tender jeopardy, the businessmen decided to transfer the credit to Blackstone and Ivanhoe Cambridge. (…).

Now, the Spanish court revokes the precautionary measures and sentences those who filed for “payment for damage and interest caused by the measures”.

After obtaining access to the securities, Blackstone applied for a post at Gecina´s managing board.

 

Original article: Expansión (R. R.)

Translation: AURA REE