Eiffage rejects Sacyr request for five board seats - report |
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Published
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Wed, 28 Mar 2007 07:12
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PARIS (AFX) - The board of French construction group Eiffage has rejected a request from shareholder Sacyr Vallehermoso SA to be allocated five seats on the board, business daily Les Echos reported, quoting a letter sent to employees by CEO Jean-Francois Roverato.According to the newspaper, the internal note says the Eiffage board rejected Sacyr's request at a meeting on March 8.Les Echos also said Sacyr had increased its demand for board seats to five from four initially.The Spanish company, which has a 32.6 pct stake in Eiffage, had sought board representation last year but its efforts were thwarted by certain core shareholders.Sacyr chairman Luis del Rivero told analysts at the beginning of this month that 'we expect we will have representation in accordance with our stake,' following the Eiffage annual shareholder meeting on April 18.Les Echos further reported that Jean-Francois Roverato's internal note attributed intense speculation on Eiffage shares to efforts by shareholders to force their way onto the board.A power struggle between Eiffage and Sacyr has been cited as one of the possible reasons behind the surge in the French group's share price, which has risen by over 30 pct in the past week.paris@afxnews.comgt/lamCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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Sacyr expects Eiffage board representation approval at April 18 AGM 