European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/fomento-de-construcciones-y-co" target="_blank" data-smartkarma-citation="entities:21269:1" rel="noopener">Fomento De Construcciones Y Co (FCC SM)</a> launches an offer to buy 24% of <a href="https://www.smartkarma.com/entities/metrovacesa-sa" target="_blank" data-smartkarma-citation="entities:28925:1" rel="noopener">Metrovacesa SA (MVC SM)</a> for €284 million, €7.8/share, cum dividend, in cash (implied EV €1,271.7 million).</li>
<li>The offer represents 19.4 EV/22e EBITDA, and a whopping c. 50% discount to NAV. Reference shareholders (Santander and BBVA) own 70.21% of Metrovacesa. <strong>Gross spread is 3.5%</strong>.</li>
<li>Considering recent underperformance of the shares, most free float shareholders will tender, in my view. Closing of the offer should happen in less than six months. <strong>Long and tender</strong>.</li>
</ul>



Fomento De Construcciones Y Co (FCC SM) launches an offer to buy 24% of Metrovacesa SA (MVC SM) for €284 million, €7.8/share, cum dividend, in cash (implied EV €1,271.7 million).
The offer represents 19.4 EV/22e EBITDA, and a whopping c. 50% discount to NAV. Reference shareholders (Santander and BBVA) own 70.21% of Metrovacesa. Gross spread is 3.5%.
Considering recent underperformance of the shares, most free float shareholders will tender, in my view. Closing of the offer should happen in less than six months. Long and tender.


FCC/Metrovacesa: Opportunistic Voluntary Partial Offer

Spain

Fomento de Construcciones y Contratas S.A. (FCC) offers construction services and manufactures building materials.  The Company offers civil engineering services, constructs housing and commercial buildings, roads, and other infrastructure projects, develops real estate, collects, treats, and disposes of solid waste, markets street cleaning machines, and produces cement.

Fomento De Construcciones Y Contratas (FCC SM)

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FCC/Metrovacesa: Opportunistic Voluntary Partial Offer

The offer price is not particularly generous for Metrovacesa's shareholders, although considering the underperformance of the shares, I believe a...

Jesus Rodriguez Aguilar