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Spain construction firm FCC cancels 2012 dividend

MADRID
Spanish construction company Fomento de Construcciones y Contratas SA says it will suspend a dividend on this year's earnings to reinforce its balance sheet and reduce debt
"In the current economic and financial context, several factors are causing a contraction of the resources generated by FCC Group and the need of assuming losses, as a result of a cleaning up of some assets," the company said in a press release
By halting its dividend, FCC said it also expects to reinforce its core businesses, while speeding up the sale of non-core assets
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