Fomento de Construcciones y Contratas (FCC), which is owned by Carlos Slim, has launched a takeover bid for 24% of the property developer Metrovacesa. FCC already owns 5.40% of the property developer, in which Banco Santander and BBVA also hold stakes, so it could end up with a maximum shareholding of 29.40%.
FCC will pay 7.80 euros for each Metrovacesa share equivalent to the current share price plus a 20% premium. At the close of trading yesterday, the property developer was trading at 6.49 euros per share.
Read the full article in Spanish.
