Slim becomes lone suitor for Spain’ Realia after Soros withdraws bid

Mexican multibillionaire Carlos Slim has become the lone suitor for Spanish realestate group Realia Business after Hispania, whose shareholders include hedge fund managers George Soros and John Paulson, said Thursday it is withdrawing its takeover bid.

Hispania, a Spanish property investment company, made the announcement in a filing with Spain’s CNMV securities regulator.

Slim’s realestate arm, Inmobiliaria Carso, which bought Spanish banking group Bankia’s 24.9 percent stake in Realia earlier this year, in March offered to acquire the remaining 75.1 percent interest in the company for 0.58 euros ($0.64) a share, or 18.36 percent more than Hispania’s 0.49europershare takeover bid, launched late last year.

The CNMV authorized Hispania’s bid on March 11 and Slim’s offer on June 23.

Realia’s board said on July 3 that Inmobiliaria Carso’s bid undervalues the company, citing a report by Japanese investment bank Nomura. In March, the board said it would not accept Hispania’s offer after Nomura determined it was too low.

Inmobiliaria Carso’s bid is set to expire on Friday.

Realia’s shares fell 2.08 percent on Thursday to 0.70 euros ($0.77).