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Bill Gates pours €113.5 million into Spanish builder
by Dylan Lobo on Oct 22, 2013 at 13:39
Bill Gates has taken bought a significant stake in struggling Spanish builder Fomento de Construcciones y Contratas (FCC).
The Microsoft co-founder (pictured) acquired 7.6 million shares in treasury stock, according to an announcement posted on the Spanish stock exchange, a 6% stake worth €113.5 million (£96 million).
The purchase was made through funds linked to the technology tycoon and makes him the second biggest shareholder in the firm.
Shares in FCC surged by double figures to an 18-month high on the back of the news, which many have interpreted to be a sign that Spain is through the worst of its economic crisis.
‘A long-term investment by an investor of the calibre of Bill Gates is much more important than the short-term effect it may have upon the shares,’ chief executive Juan Bejar said in an interview with Cadena Ser radio, according to Reuters.
The purchase comes as a big boost to FCC, which was brought to its knees by the financial crisis, forcing the group to overhaul its operations and cut hundreds of jobs as its debt problems threatened to run out of control.
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