Constructor ACS made yesterday a takeover bid for just 10% of Unión Fenosa, with the aim to reach the 35% of the electrical companys capital. The construction Group leaded by Florentino Perez offers 33 per share, the same amount that it paid last September for the 22% in hands of Santander bank. It also represents a bonus of 8.5% on the current electricity companys quotation. The operation of purchase of 30.47 million titles will have an approximated cost of 1,005 million.
ACS reinforces thus its presence in Unión Fenosa, although it rejects that the movement is a reaction to the taking of positions of the Galician shareholders. To Caixanova, Caixa Galicia and Banco Pastor, has joined recently the president of Fadesa Manuel Jove, with a 3.8% of the capital and declared aspirations to reach a 5%.
The takeover bid will be financed 75% through credits and the 25 remaining percent by means of capital, like it became at his moment with the package of Santander.
Source: Spanish Real Estate
