FCC does not rule out joining Metrovacesa's board of directors after its takeover of 24% of the capital

The group will increase its debt by 266 million to finance the operation

MADRID, 27 May. (EUROPA PRESS) -

FCC will not give up its presence in the Metrovacesa administration body once the Public Offer for Acquisition (OPA) of shares launched for 24% of the real estate developer's capital, already approved this Thursday by the National Securities Market Commission, is completed (CNMV).

The construction company controlled by the Mexican tycoon Carlos Slim has not ruled out in the explanatory brochure of the operation exercising, individually or with other shareholders, the right of proportional representation, complying in any case with the legal requirements.

If the offer is fully accepted, the real estate subsidiary of the FCC group, which is the entity that launched the offer, will be able to reach a maximum holding of 29.4% of Metrovacesa's capital, including 5.4% of what is already headline. Bearing in mind that the promoter has 12 members on its board, this proportional representation would mean more than three directors for FCC.

In any case, the company has stated that it has no plans to promote changes in the structure, composition and operation of Metrovacesa's administration, management and control bodies, and therefore has no intention, initially, of proposing or requesting the appointment of representatives on its board of directors.

Likewise, since it is a stake of less than 30%, FCC considers this operation as an investment opportunity, without having the capacity to make changes in the activities, objectives, actions and strategy of Metrovacesa.

In this sense, neither does it have plans to promote or propose modifications to its dividend policy, in the sense of distributing at least 80% of the free cash flow generation each year.

FCC defends in the prospectus that the objective of this transaction is "to consolidate a solid and large-scale real estate group, with greater management efficiency derived from the operational and financial synergies that allow it to take advantage of the growth opportunities in the sector", at the same time as diversify the risk and presence of FCC Inmobiliaria in the Spanish geography.

Regarding the financing of the operation, the group's net financial debt will go from 3,226 million euros to 3,492 million, 266 million more, after incorporating a credit of 262 million euros with Banco Santander and 3.9 million euros from the financial expenses for one year, at a variable interest rate of Euribor plus 100 basis points.

This price responds to an offer of 7.2 euros per share, since the property developer opted to pay a dividend of 0.6 euros per share on May 20, an amount that FCC discounted from the initial price of 7.8 euros per share. action.

In this case, the final amount at which the operation has been valued will be 262 million euros, compared to the 284 million euros initially announced, as it is aimed at 36.4 million Metrovacesa shares, now at a price of 7.2 euros per share, out of a total of 151.67 million shares.