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Carlos Slim’s FCC to spin off and list cement and real estate unit
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MADRID (Reuters) – Mexican billionaire Carlos Slim’s Spanish unit FCC plans to spin off its cement and real estate assets into a separate
MADRID (Reuters) – Mexican billionaire Carlos Slim’s Spanish unit FCC plans to spin off its cement and real estate assets into a separate business to be called Inmocemento, which would be then listed on the Madrid stock market.
FCC’s board believes the move would boost shareholder value as the new and existing companies are likely to be worth more apart than together, FCC said in a filing to the stock market regulator on Thursday evening.
Inmocemento would take FCC’s cement plants and the majority stake it owns in real estate developer Realia as well as the minority stake in bigger Metrovacesa.
Current FCC shareholders would get Inmocemento stakes equivalent to their holdings in FCC, the filing said.
FCC currently owns assets in different industries such as construction, water and sewerage services, waste management, cement and real estate.
FCC’s cement units made 614 million euros ($667 million) of revenue in 2023, while income from real estate was 254 million euros. Together, cement and real estate represented about 8.7% of FCC’s revenue.
Slim directly owns 11.91% of FCC and controls a further 76% through investment vehicles Inversora Carso and Operadora Inbursa.
($1 = 0.9206 euros)
(Reporting by Inti Landauro and Tomas Cobos; Editing by Mark Potter)
A spin-off is a corporate action where a company creates a new independent company by selling or distributing new shares. This often aims to unlock value for shareholders.
Shareholder value refers to the financial worth that shareholders gain from owning shares in a company, typically measured by stock price appreciation and dividends.
A stock market listing occurs when a company's shares are made available for trading on a stock exchange, allowing public investment in the company.
A minority stake is a situation where an investor holds less than 50% of a company's shares, meaning they do not have control over the company.
Revenue is the total income generated by a company from its business activities, typically from sales of goods or services before any expenses are deducted.
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