Sacyr looks to withdraw from Eiffage, but only at over 80 eur/shr - report |
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Wed, 14 Nov 2007 08:24
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MADRID (Thomson Financial) - Sacyr Vallehermoso SA is looking to dispose of its 33 pct stake in Eiffage but will not sell below 80 eur per share, Expansion reported, without citing a source.The decision comes after a two-year battle for control of the French group and legal wrangling with market regulator AMF.According to Expansion, however, Sacyr is currently trying to reach an agreement with the AMF, aimed at preserving its reputation and other business opportunities in France.Sacyr is appealing an AMF ruling obliging it to launch a full bid for Eiffage at 129 eur per share, after accusing the Spanish builder of collusion among shareholders in its bid to control its French peer.The French appeals court studying the issue could make a decision by Feb 5, Expansion said.In the event the courts rule against Sacyr, the company is also ready to accuse Eiffage of collusion with shareholders.Separately, El Economista and Cinco Dias reported that Sacyr will only sell its stake in Eiffage at over 85 eur per share, raising some 3.0 bln eur.Analysts have highlighted that with the proceeds from the sale of Eiffage, Sacyr could reduce some of its heavy debt pile.tfn.europemadrid@thomson.comccs/jdy/sljCOPYRIGHTCopyright 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 accuses French regulator of concealing data on Eiffage buy 