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Carlos Slim Rescues Koplowitz & FCC

Posted by: In: Real Estate 27 Nov 2014 Comments: 0 Tags: , , , , , , , , , , ,

27/11/2014 – El Mundo

Mexican tycoon Carlos Slim, one of the richest men in the world, has become the main shareholder of one of leading Spanish builders, Fomento de Construcciones y Contratas (FCC).

Controlled by the Koplowitz family for over six decades, the contractor reached an agreement with Slim on decreasing the holding percentage of Esther Koplowitz (pictured) from 50.01% to around 25%, while the Carso group of the Slims will receive a more than 25% stake. Spanish Stock Exchange Market Regulator CNMV informed the partners agreed on joint ownership of FCC without obligation of pursuing a takeover bid for the entire builder.

Slim is bound to pay over €650 million for the share, of which €500 million will be injected into FCC’s capital and the remaining amount will allow the investor to seize the pre-emptive rights of Koplowitz. The capital hike means a double victory for the businesswoman as she will be able to get out from her defaulting personal debt owed to Bankia and BBVA and to prevent her properties from being foreclosed.

The entrance of the Mexican magnate means contribution to only half of the foreseen €1 billion capital increase in FCC, thereby allowing other investors to join the hike.

On news on the agreement being at the verge of sealing, FCC’s stocks jumped up 3% and closed yeasterday at a price of €14.63 a share, meaning a total market value of nearly €1.95 billion.

Last Monday, the contractor announced it had broken negotiations with Soros and started dealing with the Carso group.

Carlos Slim will be the second prominent stakeholder in FCC as Microsoft founder Bill Gates already has a 5% share in the firm.

Original article: El Mundo (by Carlos Segovia)

Translation: AURA REE

The post Carlos Slim Rescues Koplowitz & FCC appeared first on Aura Real Estate Experts.

Source: AURA Real Estate Experts


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