CNMV imposes compulsory offer for the first time

The Comision Nacional de Mercado de Valores (CNMV), the Spanish regulator, has for the first time effectively forced a company to launch a partial bid for a rival it owns shares in.

The watchdog has withdrawn the voting rights of the stock that Bami, a Spanish real estate company, holds in competitor Metrovacesa, and suspended the four Metrovacesa board members appointed by Bami.

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