Ibersuizas joins FCC consortium

Inversiones Ibersuizas and the Peugeot family are reportedly helping Esther Koplowitz, chairwoman and top shareholder of Fomento de Construcciones y Contratas (FCC), and a new group of partners to retain control in Spain's fourth-largest construction company. The new partners announced recently that they would invest a combined EUR 320m for the acquisition of a minority stake in FCC. Koplowitx is aiming to undermine attempts by constructon rival Acconia, which has built up a 15% stake in the firm. Koplowitz is purchasing Veolia's 49% stake in B-1998, an investment vehicle that controls FCC through a 52% interest, in a EUR916 million transaction. She then will sell 12.3% of B-1998 to the group led by Ibersuizas and another 5.7% to Peugeot's Societe Fonciere, Financiere et de Participations (6478.FR). Koplowitz, in turn, will boost her ownership in B-1998 to 82% from 51%, giving her an indirect stake in FCC of 43%. Ibersuizas will assume an indirect stake of 6.5%, while the Peugeots get 3% of the construction company. The transaction involving Veolia's divestiture includes a capital reduction of EUR 123.6m and EUR 792.7m in cash. The deal represents EUR 28.6 per FCC share.

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• Southern Europe