Spain’s CNMV Authorises Slim’s Takeover Of Realia

24 June 2015 – Expansión

The offer presented by the Mexican businessman was competing against a bid submitted at the end of 2014 by Hispania, the Socimi in which George Soros holds a stake.

According to reports yesterday from the market supervisor, Spain’s National Securities Market Commission (CNMV) has approved the public offer for the acquisition of shares (takeover or OPA) that Carlos Slim (pictured above) presented for 100% of Realia, valued at €178 million.

The body led by Elvira Rodríguez believes that the terms of the offer conform with ruling legislation and deems that the contents of the brochure explaining the operation are sufficient (following the latest submission of information by Slim on 16 June).

Slim offered €0.58 per share, compared with €0.49 per share offered by Hispania. Nevertheless, both prices fall below the current market value of the real estate company, which closed trading on Tuesday at €0.685 per share.

Carlos Slim has already taken control of Realia, since he recently bought the 24.9% stake that Bankia held; it used to be the second largest shareholder of the real estate company. The primary shareholder is FCC, and the Mexican businessman is, in turn, the primary shareholder of FCC.

Original story: Expansión (by E.P.)

Translation: Carmel Drake