Thursday, November 30, 2023

ECIJA advises FCC on its €284m takeover bid for Metrovacesa

Fomento De Construcciones y Contratas (FCC) has launched an offer to buy 24% of Metrovacesa SA for €284 million, €7.8/share, cum dividend, in cash (implied EV €1,271.7 million)


ECIJA is advising Fomento de Construcciones y Contratas (FCC) in relation to the partial voluntary public takeover bid (PTB) made by FCyC, a company of the FCC group, for 24% of Metrovacesa’s shares for a total amount of €284 million.

The offer represents 19.4 EV/22e EBITDA, and a whopping c. 50% discount to NAV. Reference shareholders (Santander and BBVA) own 70.21% of Metrovacesa. Gross spread is 3.5%.

Metrovacesa shares jumped 16% on Wednesday morning to 7.51 euros, just below the 7.8 euros offered by FCC.

The offer price represents a 20% premium over Tuesday’s closing price, Spanish lender Bankinter said in a note to clients. Shares in Metrovacesa’s rivals may also rise on Slim’s move, Bankinter added.

Santander and BBVA, which together own about 70% of Metrovacesa according to Refinitiv Eikon data, are unlikely to sell at 7.8 euros, JBCapital analyst David Gandoy said in a report.

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

ECIJA is advising FCC with a team made up of partners Alberto Alonso, Antonio Roncero and Miguel Sánchez.

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