A few weeks before the expected approval of the shareholders' meetings of Ferrovial and Cintra for their merger, the company begins to discover the path that will take the new listed.
Ferrovial was known in recent times as a service rather than a developer to use: Cespa , BAA , etc. The company's expansion in recent years was aimed at enhancing the diversification of income sources to cope better with the change of cycle that was predicted in the construction sector.
But this new approach shows that society does not forget his origins, or the sector which was the basis of their growth. With a new corporate image and a touch of the strategy, now based on the bid for concessions in which we must build concrete (greenfield) to Agroman task and the operating Cintra, is rejuvenated with a firm 57 years of life. Of course, while attracting new civil work for later exploitation will sell stakes in mature assets. These new works have to be complex projects, with a high component engineering and construction.
The benefits of this operation for the new company will be several: higher dimension and strength of balance and consequently will have better access to financial markets, will be more diversified and thus increase the variety of their sources of income, and increasing the free float is looking to stabilize the price or, is, lessen the potential for volatility.
Another of the most significant is that the whole process is a reverse merger in which the subsidiary (Cintra ) absorbed its parent company (Ferrovial ), by swapping four titles Cintra for each of Ferrovial.
the merge forward Ferrovial all its assets (valued at 8662.4 million) in bulk to its subsidiary, which will also assume the liabilities of its parent (3552.6 million) and take your name.
It therefore appears that once again is Ferrovial who marks the way forward for the rest of the big builders in the country. So far nearly all his decisions have proved successful (except the apparent indigestion after the absorption process of the British airport operator BAA ). Will it continue the good run? In the coming months we will check. Signed
John V.
circle
0 comments:
Post a Comment