XM does not provide services to residents of the United States of America.

Spain's FCC sells 25% of its environmental subsidiary for $1 billion



<html xmlns="http://www.w3.org/1999/xhtml"><head><title>UPDATE 1-Spain's FCC sells 25% of its environmental subsidiary for $1 billion</title></head><body>

Adds details on the deal, operations from competitors and share moves from third paragraph

June 2 (Reuters) -Spain's FCC FCC.MC has agreed to sell a quarter of its environmental subsidiary's share capital to Canadian global management group CPP Investments for 965 million euros ($1.06 billion), it said on Thursday.

FCC, a building and infrastructure company majority-owned by Mexican billionaire Carlos Slim, will retain the majority of FCC Servicios Medio Ambiente Holding with a 75.01% stake, the company added.

Shares in FCC were up 4% at 0845 GMT.

The company said proceeds from the sale will be used primarily to fund strategic opportunities and corporate needs.

Bankinter analysts said the operation was positive, as it meant bringing in a strategic partner without losing control of the main business.

Spanish construction and engineering firms such as FCC, Sacyr SCYR.MC and Ferrovial FER.MC have been seeking to divest part of their service units.

Ferrovial sold its waste management unit in Spain and Portugal to German firm PreZero International last year and reached an agreement to sell Amey Plc, its infrastructure services and engineering business in Britain, to focus on investing in highway and airport projects in North America.

Sacyr is evaluating potential buyers for its service and waste management unit, Valoriza Servicios Medioambientales, valued at around 500 million euros, to speed up growth in its concession infrastructure businesses, mainly in continental Europe, Britain, Australia and Canada.

FCC Medio Ambiente operates mainly in Spain, Portugal, Britain, Central and Eastern Europe and the United States.

According to FCC's statement, CPP, which manages Canada's state pension funds - had around 570 billion Canadian dollars ($426.26 billion) in assets under management at the end of March, with most of outside of Canada.

The transaction has yet to be approved by competition authorities and financial institutions.



($1 = 0.9084 euros)



($1 = 1.3372 Canadian dollars)



Reporting by Matteo Allievi, additional reporting by Corina Pons, editing by David Latona and Sharon Singleton

</body></html>

Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.

All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.

Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.

Risk Warning: Your capital is at risk. Leveraged products may not be suitable for everyone. Please consider our Risk Disclosure.