MADRID (AFX) - Metrovacesa SA chairman Joaquin Rivero said he is committed to keeping the company in the selective IBEX-35 index and will take the necessary steps to recover any liquidity lost as a result of the outcome of the partial takeover bids currently in place.
Metrovacesa's free-float currently stands at 42 pct.
'We will propose measures to the board of directors and to the IBEX-35 committee to ensure that Metrovacesa does not leave the index,' Rivero told reporters, noting that one of these measures will be a new share issue.
The property group is the target of a 78.10 eur per share bid for 20 pct from shareholder Grupo Cresa, owned by the Sanahuja family, which was countered by an offer for 26 pct at 80 eur per share from Rivero and board member Bautista Soler.
A sweetened bid from Cresa at 90 eur per share for 26 pct was rejected on Friday by stock market regulator CNMV on the grounds that it contravened Spanish takeover regulations.
Cresa has decided to keep its initial bid in place for the time being.
Rivero reiterated that his and Soler's offer is the best one, as it guarantees the continuation of the current management without taking control of the company.
Metrovacesa will continue with its expansion plans if Rivero and Soler's bid is successful, the chairman said, but added that for the time being 'there is no operation on the cards.'
Separately, the chairman ruled out any acquisition move in the German market at present, given the current very high prices.
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