Ferrovial makes bid for purchase of 100% of Budimex

At the shareholders' meeting of construction firm Budimex yesterday Spanish concern Ferrovial announced a bid to buy all of Budimex's shares. Ferrovial, which became a strategic investor in Budimex in April 2000, offered to pay zl. 24.50 per share, close to the minimum price allowed by law. Thus far Ferrovial had possessed a package of shares in Budimex entitling the Spanish company to just under 50% of votes. On Tuesday, the Securities and Stock Exchange Commission (KPWiG) issued a permit for Ferrovial to exceed 50% of votes, valid until the end of the month. Kredyt Bank, Budimex's financial investor, had owned 4% of privileged shares in Budimex, entitling it to 20% of votes. On Wednesday, the status of privileged shares was cancelled, and the share package belonging to Ferrovial entitled it to 58% of votes, instead of the earlier 49.99%. Analysts had expected such a low offer for Budimex shares, despite the currently listed stock exchange value of zl. 29.50. (Gazeta Wyborcza, p. 22) M.T.