Portuguese construction company Mota-Engil rallied on the stock exchange last Friday, after the conclusion of a strategic partnership and investment agreement with China Communications Construction Company (CCCC).
In the main Euronext Lisbon stock index, PSI-20, Mota-Engil was the top performer on Friday, up 14.55%.
According to information disclosed to the market, Mota Gestão e Participações SGPS, S.A. agreed to sell 55 million shares of the construction company to CCCC at a price of 3.08 euros per share, a total of 169.4 million euros.
The effectiveness of the Agreement, however, depends on the verification of several precedent conditions, of a legal and contractual nature, among which the approval or consent by several Public Entities and confirmation by the Securities Market Commission (CMVM) that the CCCC is not obliged to launch a takeover bid.
The MOTA-ENGIL General Meeting will be called soon to authorize the Board of Directors to approve the capital increase to be subscribed by CCCC.
