Carlos Slim's FCC offers 284 million euros for 24% of Metrovacesa

Madrid, 23 Mar The FCC Group, controlled by Mexico's Carlos Slim, has submitted a public offer for the acquisition of shares (OPA) for 24% of the capital of the Spanish real estate company Metrovacesa, for a maximum of 284 million euros (about 312 million dollars). The announcement was made this Wednesday by both companies in two communications before the opening of the Spanish Stock Exchange. FCC Inmobiliaria will offer 7.8 euros per share, which represents a premium of just over 20.18% compared to the Metrovacesa share price at the close of the market on Tuesday. Metrovacesa shares rose almost 17% after opening the stock market today, while those of FCC, one of the largest European infrastructure and utilities groups, fell slightly. Slim already owns 5.4% of Metrovacesa with its company Inversora de Carso, with this operation he could raise his stake to a maximum of 29.4%. The Spanish bank Santander holds 49.3% of the rest of Metrovacesa's capital; and BBVA, another Spanish financial institution, holds 20.85%. The decision for this takeover bid on a maximum of 36.4 million Metrovacesa shares, equivalent to the aforementioned 24% of its share capital, was taken by the Board of Directors of FCC Inmobiliaria on Tuesday, as explained by the company, which belongs to the FCC Group. FCC Inmobiliaria will submit all the documentation necessary to request takeover to the National Securities Market Commission, the Spanish stock market supervisor, “as soon as possible” within the legal period of one month. The takeover bid is formulated exclusively in the Spanish market, the only one on which Metrovacesa is listed, and is addressed to all shareholders of the company, regardless of their nationality or place of residence. CHIEF mgl-ala/sgb/jl/ah