French bank BNP Paribas is among the financial institutions said to be in talks to acquire the 33% stake held by Spanish construction firm Sacyr Vallehermoso in French services and construction company Eiffage. Newspaper Les Echos reported that BNP Paribas, a former shareholder in Eiffage, is the latest in a series of banks studying the purchase of Sacyr's stake in its French rival. The other French banks and insurers cited are Axa, CNP Assurances, Caisse des Depots et Consignations and AGF, a unit of Germany's Allianz.
French bank BNP Paribas is among the financial institutions said to be in talks to acquire the 33% stake held by Spanish construction firm Sacyr Vallehermoso in French services and construction company Eiffage. Newspaper Les Echos reported that BNP Paribas, a former shareholder in Eiffage, is the latest in a series of banks studying the purchase of Sacyr's stake in its French rival. The other French banks and insurers cited are Axa, CNP Assurances, Caisse des Depots et Consignations and AGF, a unit of Germany's Allianz.
A sale would be the simplest solution to Sacyr's conflict with French securities watchdog AMF over control of Eiffage. In November Sacyr said it was open to 'any offer' for its 33% stake in Eiffage months after its attempted takeover stalled. The issue ended up in court after the stock market regulator ruled the Spanish shareholders were acting in concert with Sacyr to buy Eiffage.
Sacyr has appealed the AMF ruling that requires it to launch a full bid for Eiffage at EUR 129 per share. The bid would have to include a cash element, instead of the smaller all-share bid it launched in April.
