Banco Sabadell | The company is reportedly analysing the acquisition of the New Zealand construction subsidiary of the listed group Fletcher Building, which has launched the sale process after beginning to consider this divestment last June and having already responded to various approaches, according to Cinco Días. There is talk in the market of interest from France’s Vinci and Malaysia’s Gamuda, among others. The asset’s assessment is between €175 million and €250 million (c.2.2% capitalisation and 2.8% DFN). Fletcher Construction is a recurring partner of Acciona, with which it has shared important projects in recent years.
Assessment: We do not expect a significant impact until more details of the potential transaction are known, given its limited size for Acciona. The purchase would increase the company’s presence in the region (currently 46% of its construction backlog comes from Australia and Southeast Asia).
