Técnicas Reunidas, FCC and the Turkish company Enka have been awarded a contract worth around 1,000 million euros for the construction of a liquefied gas regasification plant for Hanseatic Energy Hub in the port of Stade, in the Haburg region. This terminal will be built next to a plant of the chemical giant Dow Chemical to utilise its industrial heat. It will be erected at full speed, with the aim…
Alphavalue / Divacons | FCC Ambito, a subsidiary of FCC Servicios Medio Ambiente, and Iberdrola, through its Perseo Venture Builder programme, will work with Glencore to provide industrial-scale lithium-ion battery recycling solutions in the Iberian Peninsula through the development of a specialised facility, the three companies announced yesterday. At the factory, whose location is yet to be defined, these energy storage devices could find a second life. Recycling of battery…
Link Securities | FCC (FCC) has initiated contacts with financial institutions and investors to refinance the bond of its Environment subsidiary for an amount of 600 million euros that matures next December, as reported on Monday by the newspaper elEconomista. The construction and services group is exploring different alternatives given the current market circumstances, with the rise in interest rates as the main conditioning factor. The first option is to…
Link Securities | The alliance of ACS and Acciona is going up against FCC in one of the biggest tenders there are currently in the UK: the remodelling of the Haweswater Aqueduct, located in the north east of England, according to elEconomista.es. The Spanish firms form part of the terna selected by the UK water company United Utilities to bid for the contract for the design, construction, financing and maintainenance,…
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…
FCC is an (ex) domestic construction company that moved into Environmental Services & Water management. It is not alone in embracing new business models including Sacyr, ACS and Acciona, which moved from a domestic construction business model to respectively an international concession one, an international civil engineering one and an international electricity generation one, while Royal BAM partnered with PGGM to grow in the PPP area and Bilfinger shifted to industrial services.
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.