MADRID-Grupo Martinsa, an unlisted Spanish real-estate company, has agreed to a takeover of larger rival Fadesa Inmobiliare for about euro 4 billion ($5.07 billion). Martinsa is offering euro 35.7 ($45.28) per Fadesa share in the latest of a string of mergers and acquisitions in the Spanish real estate market in which smaller unlisted construction companies buy into publicly traded peers.

A statement by Martinsa, headed by businessman Fernando Martin, said it had secured a 54.6% stake in Fadesa, worth around euro 2.2 billion ($2.79 billion). Fadesa is owned by chairman Manuel Jove and his family. The deal between Martinsa and the Jove family is irrevocable even in the event of a higher rival bid for Fadesa, the companies said in a filing with the Spanish regulator. The Martinsa statement added that it will launch a full bid for the company within 35 days at 35.7 eur per share. The announcement confirms rumours circulating in the Madrid market earlier.

The Martinsa-Fadesa link-up is only the latest in a series of takeovers in Spain’s real estate industry. Earlier this week Grupo Inmocaral confirmed that it now owns 93% of Inmobiliaria Colonial SA following a full bid at 63 euro a share.

And Spain’s largest property company, Metrovacesa, which last year bought Gecina for euro 5.5 billion ($7 billion) is embroiled in a struggle for the control of the board. Grupo Cresa, the holding group for the Sanahuja family and no relation to the Boston-based Cresa Partners, in March launched a share tender offer aimed at almost doubling its 24% holding in the property group. This sparked a rival bid from Joaquin Rivero, Metrovacesa chairman, which looks likely to control 38% of the shares compared to 40% held by Cresa.

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