June 28, 2016 / 4:51 PM / 2 years ago

Mexican tycoon Slim tightens grip on Spain's FCC

MADRID, June 28 (Reuters) - Mexican billionaire Carlos Slim on Tuesday gained control of the board of Spanish building and infrastructure company FCC, the latest step in his offensive after launching a takeover bid earlier this year.

Slim’s offer for FCC has yet to be approved by Spain’s stock market regulator but the Mexican businessman, which owns around 33 percent of FCC, already controls 55 percent of its voting rights.

FCC’s shareholders approved on Tuesday a move to increase the board to 15 members from 11 previously and to give Slim the eight seats instead of four currently, the company said in a statement.

Another four board members will be named by FCC’s second biggest shareholder Esther Koplowitz and other investors while the remaining three are independent.

Once the takeover bid is approved by Spain’s market watchdog, the board will have to issue a recommendation on whether the offer should be accepted or rejected. (Reporting by Julien Toyer; Editing by Sarah White, Greg Mahlich)

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