International edition
June 23, 2021

"We will be minority shareholders in the long term,” they assured

Codere: Franco family will keep its 3.6 % in the long term

(Spain).- After receiving a 3.6 % of Codere capital from their main shareholders, to pay off a dispute for a debt, brothers Jesús and Joaquín Franco will keep its long term participation in the group, ruling out the sale of its package, said Friday a source close to Franco brothers.

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We will be minority shareholders in the long term", said the source to Reuters with regards to Franco shares in Codere.

The main shareholders of Codere, the Martínez Sampedro family, agreed to bring each of Franco brothers a million shares of the group, which represent a 1.82 % of its capital, to settle a dispute that had started a sales process of the 71 % of the group belonging to Martínez Sampedro.

The agreement concluded the sales process initiated by Franco brothers, that had required to Martínez Sampedro to sell its share on the recreational gaming group as a payment for not having paid completely a debt from 2006.

 

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