Inversora Carso, the investment vehicle of Mexican billionaire Carlos Slim, has offered a tender offer of €0.8 a piece in cash for the shares in Spain's Realia Business it does not already own.
Inversora Carso, the investment vehicle of Mexican billionaire Carlos Slim, has offered a tender offer of €0.8 a piece in cash for the shares in Spain's Realia Business it does not already own.
The offer represents a 17.6% premium to the Realia share closing price on the day before the announcement.
Carso already owns 30.5% of Realia Business and is also the main shareholder of builder FCC which itself owns 36.9% of Realia Business.
The bid values the Spanish property company at a total of €369 mln.
The offer price also represents a 38% increase on the price of €0.58 paid by the Mexican billionaire a year ago, when it bought an initial stake in Realia from lender Bankia.
In a statement to the Spanish stock market regulator, Carso said the offer is necessary to be able to carry out a strategic plan for the Group with the objective of improving its financial position and allowing the company to create a stable income-producing business.
Last year Slim bought a 25% stake in Realia from Bankia and offered the same price to buy the rest of the shares. Realia rejected Slim's €187 mln takeover offer at the time as too low.
