Spain's FCC Jumps After Slim's Carso Offers to Buy It at Premiumby
Fomento de Construcciones y Contratas SA jumped after billionaire Carlos Slim’s Inversora Carso made a bid for the stake in the Spanish builder it doesn’t already own.
FCC surged 15 percent to 7.57 euros at 10:48 a.m. in Madrid, its highest price since October, nearing Carso’s offer of 7.6 euros a share. The bid came after Slim’s firm surpassed the 30 percent ownership threshold that Spanish regulation requires for buying the whole company, a filing showed on after market close on Friday.
Cementos Portland Valderrivas SA rose 12 percent to 5.9 euros after Carso separately requested that FCC study a bid for the unit at 6 euros a share.
FCC is the fourth-best performer in Spain’s IBEX 35 Index this year, rising 11 percent versus the benchmark’s 8.2 percent decline. Slim, already FCC’s largest shareholder, controls about 36.6 percent of the company directly and indirectly, according to the filing. The offer values the company at 2.88 billion euros ($3.16 billion).