VALLEHERMOSO, the largest Spanish real estate group, and SACYR, the sixth largest BTP company in the country, have approved a proposal of merger that will be carried out on the basis of an exchange of 1.2765 SACYR shares for one VALLEHERMOSO share. SACYR, which already held 24.5% of the real estate group, will control around 53% of the new group whose stock exchange capitalisation will be around EUR 2.5 billion. On the basis of 2002 data, its annual turnover will account for over EUR 2.3...