Merlin and Metrovacesa agree merger to form Spain's largest property group

Property companies Merlin and Metrovacesa have signed an agreement to form Spain's largest real estate group by rental assets, according to a company filing with the stock market regulator. The agreement has the backing of Metrovacesa shareholders Banco Santander , BBVA and Banco Popular which will hold a combined 31.2 percent stake in Merlin after he merger. Metrovacesa's 2.1 billion euros of assets will be split between Merlin, subsidiary Testa Residencial and a new company controlled by Metro