Way cleared for Ferrovial to take control of Budimex

Ferrovial of Spain looks set to launch a buyout bid for leading Polish construction group Budimex, after receiving approval for an increase in its stake. The Securities and Stock Exchange Commission (KPWIG) said in a statement it had cleared Dutch-based Valivala Holdings, which is solely owned by Ferrovial, to hold more than 50% of voting rights in the Polish firm. Under Polish law an investor is required to make a buyout bid for all the shares it does not already own after exceeding the 50% threshold in a Warsaw-listed company. "A public bid will likely be launched in the coming days," Budimex's Waldemar Mierzwa told Reuters yesterday. (Reuters)