Friday, February 23

FCC launches a takeover bid for 24% of the real estate company Metrovacesa for 284 million

FCC, a subsidiary of FCC, the construction company controlled by Mexican billionaire Carlos Slim, announced this Wednesday a partial voluntary takeover bid (OPA) for 24% of the share capital of the real estate company Metrovacesa for an amount of 283.93 million euros .

The offer, aimed at a maximum of 36,402,322 Metrovacesa shares at a rate of 7.8 euros per share in cash, represents a premium of more than 20% compared to the 6.49 euros at which the real estate company closed on Tuesday. In the first bars of this Wednesday’s session, around 9:15 a.m., Metrovacesa’s shares soared 16.18%, until trading at a price of 7.54 euros.

FCC Inmobiliaria and its controlling partner, Control Empresarial de Capitales (CEC), owned by Slim, will be able to reach a maximum stake of 29.4087% of Metrovacesa’s share capital through the operation, including the 5.4087% that it already owns . Slim, who is in turn the largest shareholder in another real estate company, Realia, will thus remain close to the threshold that would force a takeover bid to be launched for 100% of Metrovacesa’s capital. The main shareholders of this company are Banco Santander, with 49% of capital, and BBVA, with 20%.

FCC Inmobiliaria has assured that it has committed sufficient financing to obtain the necessary funds to meet the total consideration of the offer. FCC Inmobiliaria will submit to the CNMV the request for authorization of the offer, together with the prospectus and other documents that must be provided, “as soon as possible” and, in any case, within a maximum period of one month from the date of the announcement. , that is, no later than April 23, 2022, reports Europa Press.

Thus, FCC Inmobiliaria estimates that the presentation will take place in the second half of said period.

FCC Inmobiliaria and its controlling partner value Metrovacesa’s permanence on the stock market and do not currently plan to promote or propose any variation in this regard.

As it is a partial offer, the right of forced sale will not be applicable in any case. The offer is made exclusively on the Spanish market, the only market on which Metrovacesa shares are listed, and is addressed to all holders of shares in the company, regardless of their nationality or residence.



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