NH Hoteles shareholders form second pact

 @ibtimes
on December 29 2009 6:10 PM

* La Kutxa, Hoteles Participados form shareholders pact

* Decision follows three savings banks' pact on Monday

* Moves strengthen shareholder base after Hesperia deal

MADRID, Dec 29 - Two shareholders of NH Hoteles (NHH.MC) announced a pact in the Spanish hotel chain on Tuesday to strengthen the shareholder base and following a similar move by three savings banks shareholders on Monday.

The pacts follows a recent deal with hotel firm Hesperia, a long-time rival stakeholder, which included an easing of voting rights restrictions, making it easier for a takeover. [ID:nLE483142]

In a statement, Basque savings bank La Kutxa and Hoteles Participados said they will have a joint 11.57 percent of NH Hoteles.

Their group will be the third largest shareholder in the hotel chain following Hesperia with 25 percent and the group formed by Caja Madrid, Ibercaja and Bancaja on Monday with a joint 20.7 percent. (Reporting by Tracy Rucinski and Tomas Gonzalez; Editing by Jon Loades-Carter)

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