Builder Acciona to sell FCC stake for EUR 1.5 bn

Acciona, a Madrid-based construction group, is to sell its 15% stake in larger rival FCC to real estate company Grupo Inmocaral for EUR 1.5 bn to raise funds for its drive to takeover Spanish utility Endesa.

Grupo Inmocaral will pay EUR 78 a share, Acciona, the fourth-largest construction group in Spain, said Bloomberg noted the price is 7.4% more than FCC's last closing price in Madrid. Acciona said it will gain EUR 1 bn from the deal.

Worried by a slowing in house prices in their traditional home building market in Spain, the country's cash-and-asset-rich builders are diversifying at home and by going abroad in search of new investments.

Last July, Spanish construction giant Grupo Ferrovial led a consortium in a £10.1 bn (EUR 15 bn) takeover of BAA, formerly the British Airport Authority. And last week, it was reported Spanish utility Iberdrola is considering selling its real estate arm to help fund a planned EUR 17.2 bn takeover of Scottish Power.

Acciona did not specify what the funds from the sale of the FCC shares will be used for. But Bloomberg said the company plans to expand in the energy industry by adding to its stake in Endesa. Such a move could hamper a EUR 37.1 bn takeover bid for Endesa by E.ON of Germany, Bloomberg said.