The China Communications Construction Co (CCCC) plans to buy a minority position of 30% in Portuguese construction group Mota-Engil, in order to expand its international presence, financial news agency Bloomberg reported.
The agency added that the CCCC has already started talks for the acquisition, although it is not certain that a formal offer will be made, which are market price would be for approximately €130 million, considering the market capitalisation of the Portuguese group of €429 million.
The Bloomberg article did not say from which shareholder the Chinese state group might acquire the stake in Mota-Engil, which is controlled by the Mota family, via F.M. – Sociedade de Controlo, which in September 2017 increased its stake in Mota-Engil SGPS, and now holds a 64.67% share of the company.
The remaining 35% are listed on the stock exchange and there are two qualified holdings: Mutima Capital with 3.18% and Norges Banks with 2.65%.
The CCCC, despite having state Chinese capital, is also listed on the Hong Kong stock exchange, and operates in a variety of areas of the construction sector, such as roads, ports and dredging. The Chinese company has a market value of 146.8 billion Hong Kong dollars (€16.9 billion) and its share price has fallen this year by 15.4%.