Spanish real-estate company Metrovacesa SA (MVC.MC) said Wednesday it has decided not to go ahead with a 2007 separation agreement and therefore keep its 26.9% stake in France's Gecina (GFC.FR) as well as its five representatives in the French company's boardroom.
In a filing to the Spanish stock market regulator, the company said that after studying the current situation it has decided "that it's not possible to complete the agreement."
Under a 2007 separation accord, the company's management had agreed to swap its stake in Gecina for real-estate assets in France. In April, Gecina said such an agreement would be against the company's best interests and declared the deal void.
