Sacyr sells Eiffage stake

Sacyr sells Eiffage stake

MADRID, April 17 (Reuters) – Spanish builder Sacyr Vallehermoso said on Thursday it had sold its stake in France’s Eiffage for 1.92 billion euros ($3 billion), ending a long-running legal battle between them.
Sacyr said it had sold the 33.32 percent stake to a group of French institutional investors for 62 euros per share, one euro less than the price at which it said it would sell the stake in a statement on April 9.
Sacyr did not name the investors in the statement released to the Spanish stock market regulator after the close of trade, but said the group had been accepted by Eiffage.
A source close to the deal told Reuters the buyers included CNP Assurances, BNP Paribas, Natixis, Societe Generale, AGF and Groupama.
Eiffage was not immediately able to comment.
The deal will end a bitter two-year-long battle between the two companies during which Eiffage rejected Sacyr’s attempts to gain board seats and fought off an all-share takeover approach from the Spanish firm.
Sacyr will use capital gains from the sale to help reduce its 19.7 billion euro debt pile, it said.

READ  Norilsk set to avoid suit

Leave a Reply

Your email address will not be published. Required fields are marked *