FCC rises after plan to spin off cement and real estate unit

Fomento de Construcciones y Contratas SA

17/05/2024 08:24

** Shares in Spain's FCC  FCC.MC  rise 3.2% after the
building and infrastructure group said it plans to spin off its
cement and real estate assets into a separate business
    ** The new entity, to be called Inmocemento, would be listed
on the Madrid stock market
    ** FCC also said on Thursday it will propose a scrip
dividend of 0.65 euros per share, up from 0.50 euros last year
    ** Sabadell welcomes the dividend upgrade, which it did not
expect, and says the spin-off could help crystallise value
    ** "The ultimate objective could be to facilitate corporate
operations in the real estate area," Sabadell adds

($1 = 0.9206 euros)

 (Reporting by Jakub Olesiuk)
 ((jakub.olesiuk@thomsonreuters.com))