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| FCC Wins Appeal Against Acciona The Barcelona Provincial Appeals Court ruling upholds the decision by Barcelona Mercantile Court no. 4 which found that the Mercantile Registrar had overstepped his authority by refusing to register the appointments of directors by the Shareholders' Meeting of the Spanish construction company FCC held on 23 June 2004 (the directors appointed in place of those proposed by Spanish building and energy group Acciona). This decision puts an end to the registration component of the FCC-Acciona dispute, which arose when Acciona sought to appoint three members of the board of its rival FCC at the latter's Shareholders' Meeting on 23 June 2004, using the proportional representation procedure. The Barcelona Provincial Appeals Court rejected an appeal by Acciona in FCC's favour, on the grounds that Acciona is a direct competitor of FCC and, therefore, cannot have representatives on its Board of Directors. write your comments about the article :: © 2006 Construction News :: home page |