Esther Koplowitz, the shareholder controlling 50% of FCC has sold a big part of 3.8% of the construction company put on auction last Friday to investor George Soros. According to the financial sources, the U.S. magnate could have bought more than 3% priced at 15 Euros per share (in total 55 million Euros). Soros, who will have to declare oficially his real position in the company to CNMV in the forthcoming hours, he will thus become the third great individual shareholder of FCC, just after the Koplowitz family and Bil Gates who bought 6% of the company in October.
Soros´s investment shows the returned trust of the international investors in Spanish market, offering the best quality assets at attractive prices. (…)
Soros Fund Management, the company originating from Hungary, hired in the last months Spanish consultants whose first emblematic operation has been the purchase of 3% of FCC. Soros has had bad experience with the Spanish real estate bubble through a company of large touristic complexes. Famous for taking down the pound sterling at the beginning of 70s, the businessman´s fortune is estimated at 20.000 million Dollars, according to Forbes.
Esther Koplowitz, (…) closes complex refinancing of her personal debt associated with the company, around 900 million Euros borrowed from Bankia and BBVA and the operation is a part of pact made with the banks.
(…) Koplowitz is obliged to put the direct shares as a guarantee. In turn, Bankia and BBVA, hiring the advisors from Pérez Lorca office, have extended the expiration of the debt by 2018, the deadline by which Esther believes to recover the FCC dividend. (…)
(…) The sources close to talks claim that the negotiations about FCC´s debt are satisfactory, after more than 75% of banking creditors (about 50) signed the solicitation of proposals where the debt postponement is set in 2017.