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MADRID-Shares in Metrovacesa SA opened higher today after trading was suspended yesterday to allow a new bid from the Sanahuja family that would enlarge its stake in Spain’s largest property company. The new bid, at euro 90 ($115.60) per share, was up from an earlier offer of euro 78.10 ($100.32), and it was for an additional 26% of the company rather than the earlier 20%.

Grupa Cresa–no relation to the Boston-based Cresa Partners–is the investment vehicle through which the Sanahuja family made the bid. In the ongoing battle for control, Cresa also announced it will appeal the authorization given by Spain’s stock market regulator that allowed a takeover bid for Metrovacesa by its chairman, Joaquin Rivero. A statement by Cresa officials said the appeal would argue that the aim of Rivero’s takeover bid is solely to prevent Cresa acquiring 20% of Metrovacesa, which would increase its stake to 44%. The Sanahuja family is seeking to have the Rivero bid blocked.

Last month, Spain’s stock market regulator rejected Cresa ‘s request to extend its bid for Metrovacesa SA to 26% of the company’s shares from 20% without triggering an automatic full bid for the company. Cresa chairman Roman Sanahuja Pons already controls 24.9% of Metrovacesa, so a successful bid for an additional 26% would put its stake above the 50% threshold.

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