MADRID, (Reuters) –Mexican billionaire Carlos Slim launched a tender for a 24% share in Metrovacesa’s Spanish real estate developer Metrovacesa on Wednesday. A filing by FCC to the regulator of local stock markets showed.

FCC’s purchase of Metrovacesa would bring its total stake to 5.4%. It is currently worth 284million euros ($312.29m). Spanish banks Santander, BBVA and MC: are the major owners of the real estate business.

Forbes magazine estimates Slim’s net worth at $62 Billion. He has bet on Spanish infrastructure and real estate after the financial crisis that brought down both these industries.

He also owns real estate developer Realia via his holding company Inversora de Carso.

Metrovacesa shares increased 16% Wednesday morning to 7.51 euro, just under the FCC offer of 7.8 euros.

Bankinter, a Spanish lender, stated that the offer price is 20% higher than Tuesday’s closing prices in a note to customers. Bankinter said that shares in Metrovacesa may rise if Slim makes the move.

Santander (and BBVA), which jointly own approximately 70% of Metrovacesa as per Refinitiv Eikon Data, will not sell at 7.8 Euros, JBCapital analyst David Gandoy reported in a study.

He added that the partial bid was a financial investment meant to take advantage of current market conditions.

“As we do every day, we will analyse this offer and make the best decision for our shareholders,” a spokesperson from BBVA stated. He added that the price of the offer was consistent with its valuation.

Santander did not respond to our request for comment.

($1 = 0.9094 euros)