BREAKING NEWS

BREAKING NEWS

Bill Gates buys into heavily indebted Spanish building firm

Now Reading:

Bill Gates buys into heavily indebted Spanish building firm

Text size Aa Aa

Shares in Spanish builder FCC surged on Tuesday after it announced that Bill Gates, the co-founder of Microsoft, had become its second largest investor.

Gates has bought six percent of the debt-laden construction company for 113.5 million euros.

Analysts cautioned that, although the purchase was positive for FCC, its most pressing issue was negotiations with creditor banks to refinance around five billion euros of debt that falls due this year and next.

The purchase makes Gates the second biggest shareholder after chairwoman Esther Koplowitz, one of Spain’s wealthiest individuals and a philanthropist, like Gates.