International edition
July 31, 2021

The agreement clarifies the future, at least in the short term, of the firm

Codere's stock climbed 14,5%

(Spain).- Stock market’s value of Codere yesterday climbed 14.5% and closed at six euros per share after the Spanish market regulator CNMV announced the agreement between the brothers Franco and Martínez Sampedro family. The agreement clarifies the future, at least in the short term, of the company.

M

artínez 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.

What is your opinion about this article?
  • I like it
    %
    0 votos
  • I don't like it
    %
    0 votos
  • I have not thought about it
    %
    0 votos
Leave your comment
Newsletter Subscription
Subscribe to receive the latest news and updates
Enter a valid email
Complete the captcha
Thank you for registering to our newsletter.
Follow us on Facebook