Écija advises on the takeover bid launched by FCC for 7% of the share capital for more than 400 million euros.

Ecija is advising Fomento de Construcciones y Contratas (FCC) in connection with the announced capital reduction that will be instrumented through the formulation of a takeover bid for 7% of FCC’s capital stock for more than 400 million euros.

Alberto Alonso, Miguel Sánchez and Antonio Roncero, partners of the firm, lead the operation of the capital markets area of ECIJA.

The board of directors of FCC decided at its meeting this Wednesday to call an extraordinary general shareholders’ meeting on July 19 to approve a takeover bid for the company’s own shares. The company’s intention is to buy back a maximum of 32,027,600 shares, around 7% of the capital, in order to redeem them.

The price per share offered is 12.50 euros (the company’s share price is 9.23 euros). In other words, it will allocate just over 400 million euros to this operation in which it is offering shareholders a 35% premium over Wednesday’s share price. According to FCC, the purpose of the takeover bid is twofold: to provide liquidity to all the company’s shareholders, without distinction between them, and to compensate the holders of shares who do not accept the offer through the possible increase in earnings per share.

Julia Gil