June 24, 2014 / 5:57 PM / in 4 years

Spain's Alba cuts ACS stake to 11.3 pct

MADRID, June 24 (Reuters) - Spanish investment group Corporacion Financiera Alba said on Tuesday it had sold a 3.7 pct stake in construction and services group ACS for around 398 million euros ($541 million), making it the second biggest shareholder in the group.

Alba, a listed holding company for the industrial stakes of Spain’s March family, will cut its ACS stake down to 11.3 percent through the disposal and make a 191-million-euro gross capital gain. It had already cut its ACS holding from over 18 percent a few months ago.

Alba said it had sold over 11.6 million shares at 34.17 euros per share, the price at which ACS shares closed on Tuesday. The construction group’s biggest shareholder will now be ACS Chairman Florentino Perez, with 12.5 percent.

$1 = 0.7355 Euros Reporting by Tomas Cobos, writing by Sarah White, editing by William Hardy

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