Carlos Slim is set to become the largest shareholder in Spanish construction and environmental services company Fomento de Construcciones y Contratas, having agreed to buy the rights to purchase shares in an upcoming €1billion capital increase from the current major shareholder, Esther Koplowitz.
Shares in the rights issue, which was approved last month and is due to be completed by the end of December, are being offered at 43 for every 41 held at a price of €7.50, well below the current market price of €13.
After the rights issue, designed to reduce debt, Mr. Slim will have a 25.6% stake in FCC, followed by Ms Koplowitz with a 22.4% stake.
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