The National Markets and Competition Commission (CNMC) has fined six of Spain’s leading construction companies 203.6 million euros for having altered thousands of public tenders for building and civil works infrastructure contracts over 25 years. The companies penalised are Acciona, Dragados, FCC, Ferrovial, OHLA and Sacyr. According to the CNMC, between 1992 and April 2017, the construction companies met weekly to analyse tenders for works carried out by the various…
The board of directors of Metrovacesa has rejected the takeover bid launched by FCC, the construction company controlled by Slim, with the aim of achieving a 29% stake in the real estate developer. They consider that the offered price of 7.2 euros is not adequate. In this way, as the company has informed the Comisión Nacional del Mercado de Valores (CNMV), none of the directors owning Metrovacesa shares will accept…
F. Barciela / F.G. Ljubetic | The bios about Carlos Slim, the third richest man in the world according to Forbes, are very clear about the origins of his fortune. He made the most of his money during the peso crisis by acquiring several blocks of shares in the biggest Mexican companies at a bargain prices. This is how he will acquire FCC, one of the biggest Spanish construction firms, for just…7.6 euros per share.
MADRID | By Jaime Santisteban | In a crucial day for the long-awaited banking union in Europe, market makers also chattered about many other issues, like the Bank of Spain -which has denied it plans to subject Spanish lenders to stress tests this month- achieving less tough criteria for Spanish banks in the upcoming EU stress tests.
MADRID | By Jaime Santisteban | Spanish builder and services firm FCC wrapped up a debt refinancing agreement worth €4.5bn with 99 % of creditor banks, which could turn debt into corporate capital. Market makers like ACF find the move possitive but warn that this move would increase debt average cost.
THE CORNER TEAM | As the euro zone crisis shakes off a recession, investment opportunities are mushrooming across the South of Europe. In Spain, banking and media sector as well as infrastructure are the preferred bets. “As maximum exposure recovery in Europe’s periphery, FCC is ideal. Just don’t think about the downside,” the Financial Times’ Lex argued on Friday, after millionaires George Soros and Bill Gates have both bought stakes in the indebted construction company in less than three months.
MADRID | By Javier Flores and Tania Suárez | Major foreign investment operations in Spain are essentially financial and take place in strategic sectors. Bill Gates’ purchase of 6% of Spanish construction company FCC for €113.5 million is a good example. And the trend will continue and speed up in the coming months.
CADIS/LONDON | The European Union has made a decisive commitment to the pursuit of new sources of clean energy. The €12 million All-gas project, with EU funding of €7.1 million, can be considered a global benchmark.
LONDON/MADRID | A consortium led by FCC, will build lines 4, 5 and 6 of the city’s metro system for 6.07 billion euro. The consortium includes Samsung (Korea), Alstom (France), Strukton (The Netherlands), Freyssinet Saudi Arabia and engineering companies Typsa (Spain) and Setec (France).
LONDON/MADRID | FCC, the global infrastructure and environmental services company said it continues its corporate revamp with three new independent directors.