Mexican magnate Carlos Slim has completed the purchase of a 15.26% stake in the real estate and development company Realia for 137 million euros, as announced in a relevant filing to the National Securities Market Commission (CNMV). The businessman acquired 10.26% through FCC, the group he largely controls, and an additional 5% through Finver Inversiones 2020, another entity connected to Slim.
In total, according to the regulator’s information, Slim and the various subsidiaries he partly or fully controls acquired 125 million shares at a price of 1.10 euros per share. The agreed price represents a premium of 3.77% relative to Realia’s closing price on the stock exchange today.
Polygon, led by Reade Griffith, has been invested in the developer since 2016, when it entered with a position close to 9%. Later, it increased its stake to 15% in 2020, and has remained at that level since. Polygon and FCC have waged a close contest over Slim “s moves and the fund’s reluctance to these moves.
Slim’s Growing Influence in Spain
Carlos Slim first joined Realia’s shareholding in 2015 by acquiring a 25% stake from Bankia for 44.5 million euros, a position that expanded in subsequent years to exceed 75% of the capital. According to the CNMV register, Control Empresarial de Capital, his main holding company, now holds 77.3% of the developer. With this latest investment, Slim will indirectly control about 92.3% of the real estate company, which was founded in 2000 by FCC and Caja Madrid.
Prior to entering Realia, the Mexican billionaire had already stepped into FCC, the infrastructure firm founded by the Kopowski family, and he now controls 81.5% of that company. In 2020, he began purchasing shares of Metrovacesa, a developer then owned by Banco Santander and BBVA, a business with a profile similar to Realia. In just four years, Slim has increased his stake to become the second-largest shareholder, owning 21.2% of the capital.
Could Realia Be Delisted?
Following the 15% acquisition from the Polygon fund, Slim holds more than 90% of Realia, which opens the door to a possible takeover offer that would remove the company from the stock market. Such an offer would allow the investor to buy all remaining shares and delist the company. Any delisting offer would need to be priced above the current 1.10 euros per share to persuade remaining shareholders to sell.