Connect with us

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website. .

Top Stories

Carlos Slim’s FCC to spin off and list cement and real estate unit

2024 05 17T070133Z 1 LYNXMPEK4G06H RTROPTP 4 FCC RESULTS scaled - Global Banking | Finance

Carlos Slim’s FCC to spin off and list cement and real estate unit

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)

 

Global Banking & Finance Review

 

Why waste money on news and opinions when you can access them for free?

Take advantage of our newsletter subscription and stay informed on the go!


By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review │ Banking │ Finance │ Technology. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Post