FCC launches a partial takeover bid for 24% of Metrovacesa at 7.8 euros per share

FCC shakes the foundations of the real estate sector by announcing a cash offer for 24% of Metrovacesa (a maximum of 36,402,322 shares) at a price of 7,80 euros per title, for which the total amount to be disbursed amounts to 283.93 million euros. Doing accounts, the premium offered by the group controlled by Carlos Slim is 20,2%: Metrovacesa closed on Monday at 6.49 euros.

In this way, the construction giant puts the real estate company in the spotlight, of which it already had 5.4% and aspires to reach about 30% of capital. The rest of the company is divided between Santander, which has 49.3%, and BBVA, with 20.85%. As announced to the CNMV, its intention is to keep Metrovacesa on the stock market and, as it is a partial offer, the right of forced sale will not apply in any case.

What do analysts think? If you look at the market consensus of Bloomberg, Metrovacesa has a potential of 31.3% in the short term, up to an average twelve-month target price of 8.52 euros per share. In other words, FCC calculates a lower value than the analysts. However, enthusiasm reigns in the market and Metrovacesa manages to skyrocket up to 19%while FCC moves flat.

FCC Inmobiliaria, an FCC company through which the offer is being made, has assured that it has committed sufficient financing to obtain the necessary funds to meet the total consideration for the offer, which is formulated as a sale.

The next step will be for the company to submit to the CNMV the request for authorization of the offer, together with the prospectus and other documents that must be provided, “as soon as possible” and, in any case, within a maximum period of one month. from the date of the announcement, that is, no later than April 23, 2022. It estimates that the presentation will take place in the second half of said period.

FCC considers that the acquisition of Metrovacesa shares through the offer does not constitute an economic concentration in the sense of the rules on concentration control and, therefore, does not require notification, authorization (or non-opposition) or verification. by the competition defense authorities of any jurisdiction.

The offer is made exclusively on the Spanish market, the only market on which Metrovacesa shares are listed, and is addressed to all holders of shares in the company, regardless of their nationality or residence.