After talks with George Soros broke down, Fomento de Construcciones y Contratas (FCC) announced that a company owned by Mexican telecom mogul Carlos Slim may take a large stake in FCC, as announced by the Wall Street Journal. Slim’s Immobilaria Carso will take part in a 1 billion euro capital increase ($1.25 billion) to cut into the company’s debt.
FCC’s main shareholder is Esther Koplowitz, one of Spain’s wealthiest people. She owns around 50% of the company. If the deal with George Soros had gone through, both would have owned 25% of FCC. The company was a leading homebuilder in Europe until the financial crisis, during which it was hit with a large amount of debt.
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Carlos Slim, along with Warren Buffett, is one of the many investors looking to buy Spanish assets while they are inexpensive, and look forward to a turnaround in the country.