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Last update: Thu, 19 Jan 2017 07am
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Mexican billionaire to become top shareholder in Spanish builder

Mexican telecoms magnate Carlos Slim, the world's second-richest man, has agreed to become the main shareholder in Spain's debt-laden builder FCC as part of a capital increase, FCC said Thursday. Slim's holding company reached a deal with the firm's current top shareholder, Esther Koplowitz to buy all of her rights to participate in a one billion euro ($1.25 billion) capital increase, FCC said in a statement.

Slim will hold a 25.64 percent stake in the company following the capital increase while Koplowitz, who inherited the building group from her father, will see her stake reduced to 24.42 percent from 50.02 percent. "With the funds attained through the capital increase, FCC will bolster its equity situation, reduce its debt and improve its results by substantially reducing its financial burdens," the company said in a statement.

Copyright Agence France-Presse, 2014