Volatility Halts Su Casita Sale

Shareholders of Su Casita have voted to suspend an agreement to sell to Spain’s Caja Madrid the 60% of the Mexican mortgage lender it does not already own. The decision was made “due to the global financial crisis, the volatility of the capital markets and the negative state of the global economy,” Su Casita says. To make up for some of the EUR215m the sale would have brought in, the shareholders also agreed to raise MXP500m in fresh capital during the first quarter of 2009.