Spain's FCC looks to Mexico's Slim as Soros talks fail

GMT 13:35 2014 Monday ,24 November

Arab Today, arab today Spain's FCC looks to Mexico's Slim as Soros talks fail

Struggling Spanish construction group
Madrid - AFP

 Spain's debt-laden construction group FCC said Monday it is in talks with Mexican telecoms magnate Carlos Slim to take a stake in its 1 billion-euro capital hike, after negotiations with billionaire investor George Soros failed.
FCC's biggest shareholder Esther Koplowitz said in a statement that "exclusive negotiations with the Soros fund have ended without an agreement".
Talks are instead ongoing with Slim's group, the statement said.
FCC stocks slumped 4.65 percent to 14.75 euros on the news, while Madrid's market was trading up 0.51 percent.
Soros became a shareholder of FCC in January after acquiring about four percent of the struggling group.
The construction company said ten days ago that Koplowitz was in talks with Soros to sell her rights option allocation, a move which would have given him a stake amounting to a quarter of the FCC.
The group is desperately seeking investors as it is laden with a mountain of debt -- amounting to 6.43 billion euros at the end of September 2014.
A property boom lasting a decade had driven the construction company to invest heavily, but the market collapsed in 2008, leaving it with staggering debt.

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