The deal race in the Spanish real estate market continues after the takeover of Quabit by Neinor Homes last year. FCC has announced this Wednesday its intention to formulate through its real estate subsidiary a takeover bid for 24% of Metrovacesa, which would involve the acquisition of 36.4 million shares, at a price of 7.8 euros per share. FCC assures that this movement is in accordance with its “interest and strategy”. The price implies the payment of a premium of 20% over the price at which Metrovacesa shares closed on Tuesday. The announcement has immediately aroused the interest of the market, and the titles rose 16% in the first hour, reaching 7.5 euros per share.
The operation, which is planned as a sale, involves a maximum outlay of 283 million euros. If completed, the package of shares would add to the 5.4% of capital owned by CEC and Soinmob. The first, owned by Mexican businessman Carlos Slim, controls the FCC group through a direct 74% stake, and the second is a subsidiary of the same group. With the sum, the package controlled by FCC would be on the verge of a takeover bid for the entire capital.
FCC Inmobiliaria has committed sufficient financing to obtain the necessary funds to attend to the payment of the offer, as stated in the documentation sent to the CNMV. That compliance would be assured by a bank guarantee.
The group explains that the offer has been calculated on the basis that Metrovacesa “does not make a dividend distribution or other distribution to its shareholders prior to the settlement of the offer” and without considering either the dividend announced by the company in the presentation results for 2021. “In the event that Metrovacesa pays said dividend or any other shareholder remuneration before the settlement of the offer, the established consideration (those 7.8 euros per share) will be adjusted, reducing by an amount equal to the gross amount per share of said dividend.
The offer, the document details, represents a premium for shareholders of 16.48% with respect to the weighted average price of Metrovacesa’s listing for the first quarter of the year and 11.29% with respect to the semester prior to March 22.
Metrovacesa’s main shareholders are Banco Santander, with 49% of capital, and BBVA, with 20%.
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