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| Eiffage says it has no interest in merging with Sacyr Eiffage examined the hostile share exchange offer filed by Sacyr Vallehermoso S.A, concerning the company's shares. The Spanish construction company launched its bid for Eiffage that values the French company at about $13.3 billion. Eiffage states that none of the 14 bilateral meetings held with Sacyr succeeded in identifying any common strategic direction or synergies, nor even a hint that joint projects between the two companies would be possible, meaning that the merger proposed by Sacyr has no economic or industrial interest for Eiffage. Sacyr, Spain's second-largest company by market value, already owns about one-third of the Paris-based company. Eiffage said that the acquisition was made without prior consultation of the company. It also follows the Annual General Meeting of 18 April 2007, at which the officers of the meeting suspended the voting rights of certain recent purchasers of Eiffage shares in view of their apparent collusion with the Spanish constructor. Pursuant to the General Regulations of France's financial markets authority (Autorité des Marchés Financiers, or AMF), such mandatory public offers must be unconditional and made at a price at least equal to the highest price paid by any of the shareholders acting in concert (i.e. to the best of Eiffage's knowledge €129.3 per share), and must also include an option for full cash payment, because over the past twelve months more than 5% of Eiffage's capital was acquired by means of cash transactions by the said shareholders, acting in concert. write your comments about the article :: © 2007 Construction News :: home page |