Metrovacesa Darkness at noon

The battle for Metrovacesa has turned into a Mexican standoff: neither bidder has gained the decisive victory they had hoped for. At one end of the street stands chairman Joaquin Rivero, with 36% of Spain’s largest property company after he offered E80 per share. At the other end, staring into the sun, stands the Sanahuja family with 39% after it offered E78. The result is an impasse – and, oddly, a rocketing share price. Metrovacesa stock has soared to E94. Yet most observers believed that it ...