FCC, Slim's Company, Seeks to Acquire 24% of the Spanish Real Estate Company Metrovacesa

The company Fomento de Construcciones y Contratas (FCC), whose majority control is held by Mexican tycoon Carlos Slim, launched a takeover bid for a 24% stake in the Spanish real estate company Metrovacesa, informed Spain's largest stock market regulator.

In a document sent to Spain's National Securities Market Commission, it is detailed that the operation, valued at 284 million euros (about 313 million dollars), would raise its stake in Merovacesa from the current 5.4 percent to 29 percent, while the company is currently majority-controlled by Spanish banks Santander and BBVA.

"The bidding company and its controlling partner may reach a maximum stake of 29.4 percent of Metrovacesa's share capital (including the 5.4 percent it already owns) through the offer," the document states.

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