Mexican Billionaire Carlos Slim Moves to Conquer Spain at Bargain Prices Dolia Estevez - Forbes
go to original March 9, 2015

In the 16th Century, Spain conquered Mexico. Five centuries later, Mexican telecom tycoon Carlos Slim Helú is working on conquering Spain. In recent months Slim has been purchasing stakes in troubled Spanish corporations in what the local media describes as a major expansion of his business empire into Spain at cheap prices.

The most recent purchase took place on Wednesday March 4, with the announcement by Inmobiliaria Carso, Slim’s investment company, that it will buy from Bankia a stake of just under 25% for 0.58 Euros per share, or 44.5 million Euros ($49 million), a 32% discount of its Wednesday closing price. The purchase is ahead of a full takeover offer by Slim for Realia.

Slim will become Realia’s second largest shareholder, behind Spanish contractor FCC (in which Slim also owns a nearly 26% stake, which he purchased in November).

Carso confirmed it was committed to launching an initial public offer (or OPA, in Spanish) for 100% of Realia’s shares at the same bargain price of 0.58 Euros per share, but only after the purchase of Bankia’s shares is completed. The transaction still has to be reviewed by Spain’s Treasury Ministry.

Read the rest at Forbes

Photo: J Pat Carter

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