Spain’s FCC rules out selling Cementos Portland Valderrivas

The Spanish construction company FCC has ruled out a potential sale of its 77.9% stake of cement company Cementos Portland Valderrivas, as suggested by Citi. Citi recently announced that FCC was planning to sell its cement division within the next two years. This would be a necessary step in FCC's development as its corporate debt amounts to €1.36 billion, Citi pointed out. The company also suggested that a quick sale at a reasonable price would be well received by the financial markets. Citi exp
September 9, 2015 Read time: 1 min

The Spanish construction company 3799 FCC has ruled out a potential sale of its 77.9% stake of cement company 939 Cementos Portland Valderrivas, as suggested by Citi.

Citi recently announced that FCC was planning to sell its cement division within the next two years. This would be a necessary step in FCC's development as its corporate debt amounts to €1.36 billion, Citi pointed out.

The company also suggested that a quick sale at a reasonable price would be well received by the financial markets.

Citi explained that the company will reach maturity in 2016 and that FCC's non-recurrent debt makes it convenient to sell its cement business at a price of some €216 million. Of FCC's total debt, €807 million include a syndicated loan; €426 million is the debt owed by its US subsidiary, and the rest include a syndicated loan signed out by the parent company.

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