Mexican tycoon Carlos Slim has increased above 20% its stake in the capital of Metrovacesa through the construction company FCC, staying just a few tenths of overtaking the second largest shareholder of the real estate developer, BBVA, and further behind the first, Santander.
The two banks rejected last June the takeover bid launched by the construction company controlled by the Aztec businessman. Based on a report they commissioned from BofA Securities, both entities ruled out selling shares to Slim as they considered that the offer did not reflect the real value of the company. However, some minority shareholders accepted and FCC managed to increase its stake from the 5.4% it already controlled to almost 17%.
Now, after the dividend that Metrovacesa delivered in December, which allowed payment through the delivery of new shares, the company has once again expanded its presence in the capital up to 20.2%very close to BBVA’s 20.8% and further away from Banco Santander’s 49.4%.
The dividend consisted of a cash payment of 1.05 euros per share, which is the option chosen by the majority -77.3% of the shareholders-, or the delivery of one share for every 5.77 current titles , which is what FCC opted for to expand its participation.
According to this proportion, FCC would have received around 4.5 million new shares of the dividend, which were added to the 26.1 million that it already had in its possession after the takeover bid. Additionally, it would have bought other shares on the market, raising its current shareholding package to 30.7 million shares.
Taking into account the 6.82 euros per share at which the company is currently listed, this stake is valued at 209 million euros. Since June, when FCC expanded its presence in Metrovacesa, the promoter’s titles have remained at the same level.
In the first nine months of 2022, Metrovacesa obtained a net profit of 16.2 million euros, a figure 64.6% higher than that of the same period of 2021, supported by a 22% increase in the volume of home delivery , up to a total of 1,327 units.