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Bulletin: Gecina Ratings And Outlook Unchanged Following Court Decision To Reject Shareholder Appeal Jun 08
Standard & Poors, June 2008
Abstract
PARIS (Standard & Poor's) June 25, 2008--Standard & Poor's Ratings Services said today that its ratings and outlook on French property group Gecina (BB+/Negative/B) remain unchanged following yesterday's court of appeals ruling regarding recent activity of two of the company's main shareholders. The court upheld the French regulator's December 2007 statement, in which it said that the shareholders--Mr. Rivero and Mr. Soler, with a combined 31.5% stake--are acting in concert. A full takeover bid on Gecina would be required if together they reach the 33.3% ownership threshold. This would occur automatically when the company completes planned capital reduction, which is itself the last stage of the process to separate Gecina from its today minority shareholder Metrovacesa S.A. (not rated). We...
Companies mentioned in this report are: Gecina
Action: Bulletin
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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