Word: metrovacesa
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...Europe. Spain's economy grew 3.4% last year, over twice the euro-zone average, and is expected to best the average again this year by a full percentage point. Spanish companies like phone-giant Telefónica, construction and infrastructure consortium Grupo Ferrovial, real estate developer Metrovacesa and financial conglomerate Santander Group have become Continent-wide - and even global - players. Last week Ferrovial concluded a €15 billion takeover bid for BAA, the company that runs Heathrow, Stansted and Gatwick airports. But Holguera, whose principal job is managing coherent expansion for his changing hometown, is among the growing number...
...Developers and banks are generally pretty conservative in Spain," she says. "There'd have to be a dramatic drop in housing values to endanger banks." In fact, expertise gained in Spain's fat years has propelled companies to seek success abroad - thus hedging their exposure to the domestic market. Metrovacesa's €5.5 billion purchase last year of French developer Gecina made it the largest publicly traded real estate developer in Europe, and the country's biggest banks are reaching out, too. "We haven't seen the end of the expansion of Spanish banks into the rest of Europe," says...
...reality. Top of the list is the $7.1 billion acquisition by Spanish real estate firm Metrovacesa of France's Gecina. While the flurry of activity is great news for bankers, it may be less great for the firms themselves. Robert Holthausen, a professor at Wharton business school, argues that between 50% and 80% of mergers fail to deliver long-term results. Making Baseball A Hit Baseball may not yet be a favorite in Europe, but at least one firm believes that broadcasting the U.S.'s national pastime can be a viable European business. This week Dublin-based North American Sports...
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