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...Ferrovial did not name the trio, and all three companies declined to comment....
...time when rising interest rates and high levels of debt have shaken up its acquisitive business strategy.TCI is already involved in corporate controversy in Spain as it has been a forceful advocate of Ferrovial...
...Nevertheless, at this point, Ferrovial has extracted a good price for its holding....
...Ardian and PIF are paying a healthy £2.4bn for Ferrovial’s 25 per cent of Heathrow....
...Del Pino, son of the company’s founder, owns a 20 per cent stake in Ferrovial worth more than €4bn, making him one of Spain’s richest people....
...Under the plan, Ferrovial would retain its listing in Madrid....
...Ferrovial disputes that government approval is required. “We understand that it doesn’t need any kind of authorisation,” said a spokesperson for the company....
...Ferrovial listed its non-Spanish business in Amsterdam in 2018. A Netherlands-based entity called Rijn Capital has owned part or all of del Pino’s stake in Ferrovial since 2015....
...Ferrovial would shift its head office by merging its parent company into its wholly owned subsidiary Ferrovial International, which has been based in the Netherlands since 2018....
...The sale excludes Amey’s waste treatment business, which Ferrovial is keeping....
...Peers such as Ferrovial and Vinci are trading at 10 per cent discounts to estimated NAVs. Further upside is limited....
...Ferrovial bought Amey in 2003 for £81m. Amey, which provides construction and other support services, is the most troubled part of Ferrovial’s portfolio....
...Ferrovial declined to comment....
...Ferrovial and Amey declined to comment....
...It is the most troubled part of Ferrovial’s portfolio after being hit by a series of legal disputes and lossmaking contracts....
...News of the potential sale of Ferrovial’s global support services was first reported by the Sunday Telegraph....
...But Ferrovial, which owns a 25 per cent stake, may be more reluctant — especially after its construction earnings almost halved last year following a £48m loss on the M8 upgrade in Scotland....
...Dariusz Blocher, chief executive of Budimex, majority-owned by Spain’s Ferrovial, said that the situation was particularly acute in Poland’s construction sector, where a rush to spend by European infrastructure...
...It could rival other groups, such as Ferrovial and Vinci, which both build infrastructure projects and operate them. Mediobanca, Credit Suisse and Santander are advising Atlantia on the deal....
...Groups such as Ferrovial, Abertis, OHL, ACS, FCC and Acciona were among those builders who formed joint ventures to win concessions from the government to build these roads during Spain’s pre-crisis boom...
...It is less than 10 per cent of Ferrovial’s asset value, against two-fifths for 407 ETR....
...The private company’s largest shareholder is Ferrovial, the Spanish multinational, which owns 25 per cent; other major shareholders include a division of Qatar’s sovereign wealth fund and Caisse de Dépôt...
...Broadspectrum’s shares closed up 32 per cent at A$1.48, just below Ferrovial’s offer price of A$1.50 a share....
...It has been successfully trialled in Plymouth, southern England, where contractors including Serco, Amey (owned by Ferrovial), Atkins and Cisco have signed up....
...It also raised its profit guidance for 2016 two weeks after Ferrovial announced its offer. Even so, Broadspectrum and Ferrovial remain some distance apart....
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