Report
Ignacio Romero ...
  • Luis Arredondo
EUR 200.00 For Business Accounts Only

METROVACESA / FCC: FCC LAUNCHES TOB ON 24% OF METROVACESA (ANÁLISIS BANCO SABADELL)

 FCC has just announced that its subsidiary FCC Inmobiliaria (80% FCC) will launch a voluntary TOB on 24% of MVC’s capital in cash at € 7.80/sh. (+20.2% vs. yesterday’s close; +11% vs. average trading price over the past 6 months and -8.4% vs. consensus T.P.). Adding the 5.4% stake already held by CEC (Carlos Slim, 74.2% FCC) in the real estate group, the maximum position to be reached would be 29.4%, thus below the 30% limit that if exceeded would force it to acquire 100%
Underlyings
Fomento de Construcciones y Contratas S.A.

Fomento de Construcciones y Contratas is the parent company of a group engaged in sanitation services, cleaning, maintaining, purification and distribution of water, construction of highways, hydraulic works, marine works, air and rail transport infrastructure, urban developments, housing, non-residential buildings, office buildings, toll highways, parking garages, marinas and water treatment plants. Co. is also engaged in the manufacture and sale of cement and cement infrastructures, such as precast concrete elements; and in the financial markets, and real estate development, leasing and tourism.

Metrovacesa SA

Metrovacesa SA, formerly Metrovacesa Suelo y Promocion SA, is a Spain-based real estate developer. The Company specializes in construction and sale of sustainable housing, both single-family and multi-family residential properties. Its activities also include promotion, urbanization and parceling of real estate in general, as well as real estate management for own benefit or on behalf of third parties. Its asset portfolio includes more than 6 million square meters of building land across Spain, as well as already developed properties in cities, such as Malaga, Almeria, Cordoba, Barcelona and Madrid, among others.

Provider
Sabadell
Sabadell

Analysts
Ignacio Romero

Luis Arredondo

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