The FCC's takeover bid for 24% of Metrovacesa ends June 14

MADRID, 30 May. (EUROPA PRESS) -

The acceptance period for the Public Offer for Acquisition (OPA) of shares launched by FCC Inmobiliaria for 24% of the capital of Metrovacesa began this Monday, May 30, and will run until June 14.

This has been reported by the National Securities Market Commission (CNMV), after verifying that the necessary requirements have been met to start the 15-day period during which shareholders who wish to attend the offer can sell their shares to FCC.

The property developer's securities are now listed at 7 euros on the stock market, a price lower than the 7.2 euros offered by FCC. However, an analysis by Banco Sabadell recommends not accepting the offer, considering the low price.

"We are not worried that there will be no improvement, because we estimate that Metrovacesa can pay 680 million euros in dividends over the next four years, which is equivalent to 57% of the capitalization, so we are comfortable with the cash generation profile of the company alone", they point out from the entity.

According to the takeover bid brochure published in the CNMV, FCC will not give up being present in the management body of Metrovacesa once the takeover bid is completed, after the construction company controlled by Mexican tycoon Carlos Slim has not ruled out exercising, individually or with other shareholders, the right of proportional representation.

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.