Mexican magnate Carlos Slim launches takeover bid for Spanish real estate company Metrovacesa

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Spanish water treatment and construction company FCC, whose majority shareholder is Mexican telecom magnate Carlos Slim, announced on Wednesday an offer to purchase (OPA) for 24% of the Spanish real estate company Metrovacesa.

In a document sent to the Spanish stock exchange authority CNMV (National Securities Market Commission), FCC (Fomento de Construcciones y Contratas) specified that it submitted a public offer to purchase 36.4 million Metrovacesa shares, at a price of 7.80 euros per share, bringing the transaction to 284 million euros (about 310 euros) millions of dollars).

If successful, FCC, which already owns 5.5% of Metrovacesa, would raise its stake to 29.4%. Currently, the main shareholders of Metrovacesa are the banks Santander (49.4%) and BBVA (20.8%).

This offer, “in line with the strategy and interests of the FCC group”, according to the document sent to the CNMV, would allow Carlos Slim, one of the richest men in the world, to strengthen his presence in the Spanish real estate market.

The 82-year-old billionaire already controls the Spanish real estate company Realia, through FCC.

VAB/AL/DU/MIS

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