14 February 2016 – El Economista
The Mexican businessman will strengthen his stake above the level of the 30% in the company owner of one of the Kio Towers in Madrid by capitalizing part of a loan of EUR 50 million which Realia had with SAREB and the tycoon bought in December.
Specifically, Slim will exchange EUR 29 million of credit by 14,070,000 million of Realia shares, equivalent to 2.96% of its capital, as he said in his takeover bid.
The transaction is expected to materialize tomorrow Monday, February 15th, thus allowing Slim to increase up to 33.26% his current stake of 30.30% of the real estate company.
Carlos Slim announced it will launch a voluntary bid for 100% of Realia late last January, when it exceeded the threshold of 30% in the company.
The entrepreneur exceeded the percentage that forces to bid due to the underwriting of a capital increase the real estate company carried out to repay debt. Slim – to ensure the operation, took more shares than those corresponding to him by keeping the share surplus.
The same path in FCC
This is similar process to that the Mexican is also likely to follow in FCC group, which in turn, is the first partner of Realia with 36.8% of the capital.
In the case of FCC, Carlos Slim, the current major shareholder with 27.4%, also guarantees the capital increase of 709 million the construction company has just started.
Thus, in the event that the entrepreneur takes the new FCC shares that will eventually remain as a surplus, he will also exceed the level of 30% in the group and would have to make bid for the100%.
In fact, Slim and Esther Koplowitz recently agreed to lift restrictions to exceed that percentage that had been self-imposed, before the need for FCC to carry out this capital increase to reduce debt and get recapitalized.
Regarding Realia, Mexican entrepreneur has announced a takeover bid in order to implement a strategic plan that allows the real estate company to restructure and achieve a recurring and stable level of revenue.
Original story: El Economista (by Europa Press)
Translation: Aura Ree