Arab Today, arab today mexican billionaire to be top shareholder in big spanish builder
Last Updated : GMT 19:22:21
Arab Today, arab today
Arab Today, arab today

Mexican billionaire to be top shareholder in big Spanish builder

Arab Today, arab today

Arab Today, arab today Mexican billionaire to be top shareholder in big Spanish builder

Mexican businessman Carlos Slim
Madrid - AFP

Mexican telecoms magnate Carlos Slim, the world's second-richest man, will invest 650 million ($800 million) euros to become the main shareholder in Spain's big but debt-laden builder FCC, the company said Thursday.
Under the deal Slim will hold a 25.64 percent stake in the company, one of Spain's largest employers, while the just over 50 percent controlling stake of the firm's current top shareholder, Esther Koplowitz, will be reduced to 24.42, FCC said in a statement
FCC said it will sell the shares as part of a one billion euro ($1.25 billion) capital increase, carried out to reduce debt.
"With the funds attained through the capital increase, FCC will bolster its equity situation, reduce its debt and improve its results by substantially reducing its financial burdens," the company said in a statement.
Koplowitz, who inherited FCC from her father, a German immigrant who built a construction empire following Spain's 1936-1939 Civil War, had been in exclusive talks with billionaire investor George Soros but the talks broke down over the weekend.
Soros became a shareholder of FCC in January after acquiring about four percent of the struggling group.
Late last year Microsoft chairman Bill Gates, the world's richest man, paid just under 110 million euros for a 5.7 percent stake in the firm, which employs 80,000 people in 56 countries.
Slim, who owns minority stakes in Saks Fifth Avenue and The New York Times, will invest 150 million euros to pay Koplowitz for the rights to subscribe to the offer and buy new FCC shares.
He will buy the new shares at an average price of around 9.75 euros each, including the rights, a deep discount from their closing price of 15.30 euros on Wednesday.
Under the terms of the deal Slim and Koplowitz will each appoint four members to FCC's 12-member board and they have agreed not to sell 85 percent of their shares for a minimum of four years.
A property boom lasting a decade had driven the construction company to invest heavily, but the market collapsed in 2008, leaving it with staggering debt which amounted to 6.43 billion euros at the end of September 2014.
The company has sought to diversify its business into sectors other than construction and now gets most of its earnings from environmental services such as waste management.
FCC posted a loss of 788.3 million euros in the first nine months of the year. A consortium led by the company in March won a contract worth 3.9 billion euros to build and operate part of the underground train network in Lima, Peru.
Last year it won a 6.07-billion-euro project to build three metro lines in Riyadh. Among its other worldwide projects, FCC is rebuilding the historic 1960s Gerald Desmond bridge in Los Angeles and a metro in Panama, the first in Central America.
Slim has a fortune worth 79.7 billion dollars, making him the world's second-richest man after Gates, according to a ranking by Forbes magazine.
His America Movil has telecom operations in 18 countries in the Americas -- including prepaid wireless firm TracFone in the U.S. -- and 265 million mobile phone customers.
Slim also has his fingers in the retail, industrial and financial sectors in Mexico through controlling interests in industrial conglomerate Grupo Carso and financial firm Grupo Financiero Inbursa.

 

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today mexican billionaire to be top shareholder in big spanish builder Arab Today, arab today mexican billionaire to be top shareholder in big spanish builder

 



Arab Today, arab today
Arab Today, arab today Ideen Belmahdy happy to be part of “ Fashion Star”

GMT 17:00 2017 Sunday ,26 February

Ideen Belmahdy happy to be part of “ Fashion Star”
Arab Today, arab today Tourist guide explains types of tourism

GMT 18:28 2017 Saturday ,25 February

Tourist guide explains types of tourism
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Iran complying with nuclear deal

GMT 07:14 2017 Saturday ,25 February

Iran complying with nuclear deal
Arab Today, arab today Ayat Abaza says state TV presented major stars

GMT 03:52 2017 Sunday ,26 February

Ayat Abaza says state TV presented major stars

GMT 12:06 2017 Sunday ,26 February

Britain banks on robots, AI to boost growth

GMT 12:00 2017 Sunday ,26 February

China to allow more IPOs to attract capital

GMT 06:31 2017 Sunday ,26 February

Consumer prices up in Canada

GMT 06:15 2017 Sunday ,26 February

Tsipras: Era of austerity is over

GMT 00:18 2017 Sunday ,26 February

How to make your money last as long as you do
View News in Arabic - Business: اقتصاد دولي
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Ola Ghanem hopes to work with M.Ramadan

GMT 07:23 2017 Friday ,24 February

Ola Ghanem hopes to work with M.Ramadan
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 06:08 2017 Thursday ,23 February

Actress Lobna Abdel Aziz proud of her career

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 13:47 2017 Friday ,24 February

Rabia Fatima reveals role of "Facebook" in her career

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 10:20 2017 Thursday ,23 February

Brazil's top diplomat resigns

GMT 11:54 2017 Thursday ,23 February

Saudis await visitors but will they come?

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday