Spanish property giant Inmocaral may finance the acquisition of Riofisa by issuing EUR 600 mln to EUR 700 mln worth of new shares, Inmoracal's ceo Mariano Miguel told in an interview to the Spanish newspaper El Economista. It is understood that the company is also interested in increasing its stake in the construction company Fomento de Construcciones & Contratas (FCC) from 15% to 20% This would allow Inmocaral to include part of FCC's earnings in its own results, according to accounting rules.
Spanish property giant Inmocaral may finance the acquisition of Riofisa by issuing EUR 600 mln to EUR 700 mln worth of new shares, Inmoracal's ceo Mariano Miguel told in an interview to the Spanish newspaper El Economista. It is understood that the company is also interested in increasing its stake in the construction company Fomento de Construcciones & Contratas (FCC) from 15% to 20% This would allow Inmocaral to include part of FCC's earnings in its own results, according to accounting rules.
On Monday Riofisa backed a EUR 2 bn takeover offer made by peer Inmocaral. The deal is expected to create the largest property company in Spain which, with a market value of EUR 14.846 bn, will place it ahead of Metrovacesa, currently valued at EUR 13.33 bn.
Last December, Inmoracal also launched a EUR 3.5 bn takeover bid on Colonial, purchased a 10.31% stake in Societe Fonciere Lyonnaise and took over a 15% stake in the construction company FCC for EUR 1.534 bn. Its manager Luis Portillo, who is negotiating the entry in FCC's board, already heads Inmocaral, Colonial and SFL.
