Soros buys stake in Spanish builder FCC

George Soros has bought a stake in Spain's FCC, becoming the second prominent international investor after Microsoft co-founder Bill Gates to bet on the indebted construction company in less than three months.

Funds associated with Mr Soros, the hedge fund philanthropist famed for making billions through currency speculation, bought a 3.1 per cent stake in FCC from the company's biggest shareholder and philanthropist Esther Koplowitz last week, several people familiar with the deal said.

Ms Koplowitz, one of Spain's wealthiest women, sold a 3.8 per cent stake in FCC worth €72 million through Spanish broker Fidentis last month while retaining just over 50 per cent of its shares, FCC said in a stock market filing. It declined to comment on the identity of the buyer. – (Copyright The Financial Times Limited 2013)