Grupa Cresa--no relation to the Boston-based Cresa Partners--isthe investment vehicle through which the Sanahuja family made thebid. In the ongoingbattle for control, Cresa also announced it will appeal theauthorization given by Spain's stock market regulator that alloweda takeover bid for Metrovacesa by its chairman, Joaquin Rivero. Astatement by Cresa officials said the appeal would argue that theaim of Rivero's takeover bid is solely to prevent Cresa acquiring20% of Metrovacesa, which would increase its stake to 44%. TheSanahuja family is seeking to have the Rivero bid blocked.

Last month, Spain's stock market regulator rejected Cresa 'srequest to extend its bid for Metrovacesa SA to 26% of thecompany's shares from 20% without triggering an automatic full bidfor the company. Cresa chairman Roman Sanahuja Pons alreadycontrols 24.9% of Metrovacesa, so a successful bid for anadditional 26% would put its stake above the 50% threshold.