Sacyr accuses French regulator of concealing data on Eiffage buy |
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Tue, 13 Nov 2007 08:39
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MADRID (Thomson Financial) - Sacyr Vallehermoso SA has accused French stock market regulator AMF of concealing data from its board on the Spanish group's takeover bid for Eiffage, El Pais reported, citing accusations lodged with a Paris Court of Appeal.According to Sacyr's lawyers, the AMF board did not receive a letter from the constructor's board denying collusion between Sacyr and Spanish shareholders in Eiffage.Nor did the AMF report information from interviews it conducted with six of these shareholders.Sacyr claims that the AMF was unable to make an informed decision without taking these two factors into account, El Pais said.In April, Eiffage cancelled the voting rights of various Spanish shareholders, whom it accused of acting in collusion, while the AMF backed the claims that Sacyr could take control of Eiffage through 'an accumulation of friendly stakes'.The AMF consequently said that Sacyr must make a cash bid for Eiffage, a deal estimated at around 7.3 bln eur for the 66.7 pct of the company that it does not already own.Sacyr has been fighting the case in French courts, with a new date set to continue the process on Dec 20.Separately, the AMF has recognized that it can not prove collusion by Spanish shareholders, ABC reported, citing AMF documents obtained by the newspaper.tfn.europemadrid@thomson.comped/jdy/slmCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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Sacyr declines comment on rumours selling Eiffage, reducing Repsol YPF stakes 