News

THE CNMV (SPANISH SECURITIES MARKET COMMISSION) AUTHORISES A TAKEOVER BID FOR A REAL ESTATE COMPANY LAUNCHED BY A REAL ESTATE INVESTMENT LISTED COMPANY


On 30 October 2015 the Spanish Securities Market Commission (“CNMV”) authorised the Takeover Bid for the purchase of shares in TESTA INMUEBLES EN RENTA, S.A. launched by MERLIN PROPERTIES, SOCIMI, S.A. at the end of August. The bid was launched for 100% of the share capital of TESTA INMUEBLES EN RENTA, S.A., consisting of 153,967,718 shares admitted for trading on the Stock Markets of Madrid and Barcelona and integrated into the Spanish Stock Market Interconnection System. The price offered is 13.54 euros per share and it was fixed by the bidder in accordance with the fair price provisions of article 9 of Spanish Royal Decree 1066/2007, of 27 July, on the takeover bid regulation system. After the termination of the Bid acceptance period, scheduled for 16 November 2015, the Bidder can complete the real estate purchase process initiated at the beginning of June 2015 through the subscription by MERLIN PROPERTIES, SOCIMI, S.A. of a capital increase in TESTA and a purchase and sale agreement for a stake in TESTA hitherto held by its majority shareholder. This is the first time that a company governed by Act 11/2009, of 26 October, on Publicly Listed Real Estate Investment Companies has launched a takeover bid for a company that was not previously subject to that legal system.

HOMOLOGATION IN THE UK


Last September, a British Court approved the first homologation of a debt restructuring agreement in favour of a Polish Company belonging to a Spanish industrial group (for further information, see Reorg Research).  In Spain, the legal homologation process is regulated by the Insolvency Act. The legal homologation means that all new payments agreed by the debtor company with financial institutions are automatically extended to include institutions that were not a party to the agreement.

THE SPANISH AUDIENCIA NACIONAL REJECTS THE EXTRADITION OF A SPANISH CITIZEN TO THE USA


Chamber Three of the Spanish Audiencia Nacional has rejected US demands to extradite a Spanish citizen and former director of a US investment Bank, on the grounds that the crimes he was charged with were committed in the United Kingdom.

APPROVAL OF THE NEW INTERNATIONAL COOPERATION ACT


The new Spanish Act 29/2015 of 30 July, on International Cooperation in matters of Civil Law introduces significant changes regarding aspects such as international notification, taking of evidence abroad and the system for recognising and executing foreign rulings, and in particular the elimination of the reciprocity requirement in recognising rulings regulated by the Spanish Civil Procedure Act and the option that allows judges to directly submit international cooperation requests.