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It is not yet official, because the authorizations of the regulators and the necessary approval by the general assembly (AG) are missing, but Mota-Engil has already announced that it has concluded with China Communications Construction Company (ACPC) the strategic association agreement that It will allow that it is one of the largest infrastructure groups in the world to have a relevant position in the capital of the Portuguese construction company.
The Chinese will pay around 170 million euros to buy 55 million shares of the group at 3.08 euros per share. The price paid per share is more than double the price at which, for example, the session closed on Thursday: 1.49 euros. Following the announcement of the conclusion of the terms of the agreement, Mota-Engil increased by 14.5%, trading at 1.71 euros.
The announcement of these negotiations had been made in August, when the company also announced its intention to carry out a capital increase of another 100 million shares. This capital increase must be approved in a GA, which will be convened in the next few days, so that, in the end, the Mota family (which currently holds 65% of the capital) will have 40% of the shares and the ACPC the 30%. Thus, the Mota family renounces part of their participation, but will maintain a majority position. And, in the end, the construction company will see “its financial, technical and commercial capacities strengthened”, with the aim of “increasing its activity in all markets and opening new opportunities for new developments”, as the company argued to the market when it announced these talks.
A The effectiveness of the agreement now depends on the confirmation by the Securities Market Commission (CMVM) that the operation does not impose on the ACPC the obligation to launch a takeover bid for the capital of the Portuguese company. The total capital that is in freee-float, that is, in the hands of minority shareholders, is 23.4%.
