Carlos Slim makes bid for Spain’s FCC

Mexican billionaire Carlos Slim has made a cash offer for all of FCC of Spain, in a bid that values the construction group at €7.6 a share.

The offer was made through Mr Slim´s investment vehicle Carso, and was disclosed in a statement to Spain´s stock market regulator late on Friday, reports Tobias Buck in Madrid.

Under Spanish law, a bidder must make an offer for the whole company when his stake rises above 30 per cent. According to the regulatory statement, Carso, which first entered into FCC´s share capital in 2014, has now raised its holding from 29.6 per cent to 36.6 per cent – triggering the takeover offer.