Link Securities | In a Significant Event sent to the CNMV, FCC yesterday requested authorisation for the repurchase of up to 7% of its capital, an operation announced last July after receiving no opposition from any creditor. The company has received letters from the company’s main shareholders, Carlos Slim and Esther Koplowitz, stating that they will not accept the offer. The group’s Board of Directors approved a takeover bid to buy back up to 7% of the share capital for more than €400 million, at a premium of 38% over the average share price in the six months prior to the announcement.
The offer is aimed at holders of FCC shares for a maximum of 32,027,600 treasury shares, each with a par value of €1, representing 7% of the share capital.
FCC may use the liquidity obtained from the sale to CPP Investments of 24.99% of the share capital of the subsidiary FCC Servicios Medio Ambiente Holding, for a price of €965 million, to satisfy the consideration for the offer. The offer is not limited to any condition and is not subject to a minimum number of acceptances.
