April 20, 2018 / 8:26 AM / a year ago

Property group Fonciere des Regions in talks to buy out Beni Stabili

PARIS, April 20 (Reuters) - French property group Fonciere des Regions has started talks over buying full control of its Italian subsidiary Beni Stabili, in the latest merger move to hit the European property market.

Fonciere des Regions already owns some 52 percent of Beni Stabili, and the French company said on Friday that it would offer 8.5 of its shares for every 1,000 Beni Stabili shares.

It added the deal would boost its earnings, its market capitalisation and that Fonciere des Regions would seek to have its shares listed in Milan and Paris following the deal.

The Fonciere des Regions/Beni Stabili deal is the latest sign of consolidation within the European real estate sector, French property group Klepierre eventually abandoning a bid for Hammerson this month. (Reporting by Sudip Kar-Gupta; Editing by Maya Nikolaeva)

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