Spanish property company Bami has acquired 95% of fellow real estate company Zabalburu, ending a long-running takeover campaign when Zabalburu’s leading shareholder Altadis, the Spanish-French tobacco firm, accepted an offer of €12.97 (Pts2,158) a share.
Altadis stood to gain €126m (Pts21bn) from the sale of its 41.25% stake. Bami had upped an original offer after Altadis backed a rival bid for Zabaluburu by private property company Fadesa.
Bami’s market capitalisation is around €46.50m (Pts7.7bn) and Zabaluburu’s stood at €35.53m (Pts5.9bn). After the takeover was announced, Bami’s share price closed at €11.99 (Pts1,994).
