Codere's stock climbed 14,5%
Martínez Sampedro family, who controls 71% of Codere’s capital through the FVC Masampe, acquired in 2006 from Recreativos Franco their 39.5% stake in Codere by 391 million euros. The payment was not completed within the period provided for, what obligated Jesus and Joaquin Franco to execute the option to demand Martínez Sampedro to sale family’s participation in the stock market to settle this debt.
According to the communicate sent yesterday to the CNMV, each of two brothers Franco will receive titles of Codere, representing 1.81% of its capital and valued by 5.63 billion euros at market prices July 29th, 2009.
With this pact the two parties are satisfied without having anything more than claimed by the sale contracts of March 2006. Franco brothers have been advised by Lazard.
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