The intention of the Amodios to avoid a takeover bid retracts the stock market euphoria in OHL

  • Mexican businessmen want to avoid being forced to launch an offer for 100% of the Spanish
  • The construction company’s board of directors has taken Caabsa’s proposal into consideration

The investor enthusiasm for the most immediate future of OHL it is going to less. Once the Mexican family Amodio has clearly shown his intention to avoid a takeover bid On the Spanish construction company, the increases in the first hour are less and remain at a third of what they marked in the first hour. Barely a 4.29% per peak.

The actions of OHL they flirt with a cent beyond the level of 1.10 euros after having started the session above 1.24 per title, which meant price increases of almost 15%. The absence of the rain of millions that would have meant a takeover bid weaken purchase orders that were launched first thing in the morning waiting to learn more details about the roadmap of the Mexicans.

In the end, the takeover bid is ruled out, since the Amodios have indicated their intention to request the National Securities Market Commission (CNMV) the exemption from having to embark on such an operation for not have “as main objective the taking of control” of the construction company, but instead pursues “an industrial objective” of joining forces. This is reflected in the documentation that OHL itself has sent to the supervisor after discussing the Mexicans’ offer.

Instead of an offer for 100% of OHL, what the Amodios put on the table is a game of €50 million in cash and the integration of the assets of its construction business, Caabsa Infraestructuras, in exchange for having a stake between 31% and 35% in the capital of the Spanish listed company.

From the Madrid company it has been specified that still “pending definition” How would the operation be structured? Although its board of directors has agreed to explore this potential integration into OHL of the assets of the construction business of Caabsa Infraestructuras through a fusion process in which this division of Caabsa would be absorbed by the Spanish listed company.

Given that the market capitalization of OHL is around 320 million euros, the maximum participation of 35% to which the Amodios aspire would have a market value slightly above 110 million. The Spanish construction company accumulates a revaluation of 40% in the last year after a long period of investor punishment as a result of repeated divestments of the Villar Mir family, bulky provisions and reviews of strategic projects for the firm.