This is the business with which billionaire Carlos Slim seeks to increase his presence in Spain

Carlos Slim Helú is the richest man in Mexico, with an estimated fortune of USD 55,930 million, according to information from the financial magazine Forbes. One of the most successful businesses of the Mexican businessman of Lebanese descent is the multinational América Móvil, which has a presence in the Central American and Caribbean region, as well as in the countries of Colombia, Chile, Ecuador, Argentina, Brazil and Peru.

Another branch in which Slim Helú owns business is in the infrastructure sector and it was recently announced that it will seek to increase its presence in Spain by buying shares in the Spanish real estate firm Metrovacesa. As reported on Wednesday, March 23, the Grupo Fomento de Construcciones y Contratas (FCC), which is largely controlled by the “telecommunications magnate”, presented a public offer to acquire shares (OPA) for 24% of the Spanish real estate company for a maximum of EUR 284 million, representing approximately USD 312 million.

According to information from Reuters, Slim's construction company sent a statement to the national stock market regulator, which could raise the stake in Metrovacesa, which currently stands at 5.4%.

It should be noted that real estate is largely owned by the Spanish banks Santander and BBVA. With this move, the “telecommunications magnate” is committed to entering the Spanish real estate business and the infrastructure sector in the European country after the Spanish crisis that developed between 2008 and 2013 had a negative impact on these sectors.

Thus, it was determined that FCC Inmobiliaria will offer EUR 7.8 euros per share (USD 8.59), which represents a premium of just over 20.18% compared to the Metrovacesa share price at the close of the market last Tuesday, March 22. According to Reuters, Metrovacesa shares soared 16% this Wednesday morning to EUR 7.51, just below the EUR 7.8 offered by the company controlled by Carlos Slim.

“The bid price represents a 20% premium over Tuesday's closing price, Spanish bank Bankinter said in a note to customers. The shares of Metrovacesa's competitors could also rise after Slim's decision,” explained the UK-based news agency.

For his part, JBCapital analyst David Gandoy indicated that Spanish banks Santander and BBVA, which according to Refinitiv together own nearly 70% of Metrovacesa, are unlikely to sell at EUR 7.8. “Consequently, we see this partial offer as a financial investment aimed at taking advantage of current market conditions,” he added.

In addition to the construction company FCC, Carlos Slim owns the company Telekom Austria operating in Austria and also in some regions of Eastern Europe, where he owns the real estate company Realia Business, whose headquarters are located in Spain. This firm is dedicated to developing and investing in commercial properties and is also responsible for managing land. According to Expansión magazine, in 2020 Slim's business property opened 85 homes through the build-to-rent style, which consists of offering buildings for rent only.

Other of its “telecommunications magnate” businesses around the world are LatinCasa, which sells construction cables and wires in countries such as the United States, Canada, Chile, Nicaragua, Guatemala, Honduras and Puerto Rico. Logtec, an industrial logistics company, is another firm that operates in the countries mentioned above and also in the Asian continent.

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