FCC has launched the Public Acquisition Offer (OPA) that the shareholders’ meeting approved last July to acquire 7% of its capital for a total of 400 million euros, as reported on Monday to the National Market Commission . of Securities (CNMV).
This operation will mean that the main shareholder of the construction company, Carlos Slim, eleven more his current participation in the capital, since he has already informed the company that he will not attend this OPA, which in practice will reduce the number of shares in circulation, raising that of the Mexican tycoon proportionally. Precisely this Monday, Slim has notified the market that he has raised his stake in the capital of FCC from the previous 70.3% to the current 71%, but in this case due to the shares he has received from the scrip dividend.
The offer is addressed to all holders of FCC shares and extends to the acquisition of a maximum of 32,027,600 FCC own shares, fully subscribed and paid up, representing 7.01% of the company’s share capital, with a consideration of 12.5 euros per share (400.3 million euros).
The company defends that this price represented a premium of 38% with respect to the weighted average market price of the company’s shares in the last 6 months prior to June 28, 2023, the date on which it announced the operation, although with respect to at the current price the premium is only 6%.
Approved at the last meeting
The extraordinary meeting that gave the ‘green light’ to this self-takeover bid reflected 93.58% support for this operation, compared to 6.42% who opposed it. The board of directors decided that the formulation of the offer would be carried out after the end of the creditor opposition period of the capital reduction, which ended on August 21, without any creditor having opposed the capital reduction proposal.
At the meeting, some shareholders expressed their discomfort at this decision, since it will reduce the floating capital on the Stock Market, while the managers defended that it will not mean their exclusion from the stock market.