Eiffage's chairman Jean-Francois Roverato said that the French group will appeal against any decision by markets authority AMF to allow Spanish Sacyr Vallehermoso's all-share bid for Eiffage, news agency Europa Press reported. Sacyr, Eiffage's majority shareholder with a 33% stake, is seeking to take over France's third-largest construction company Eiffage through a share swap deal of 12 Sacyr shares for one Eiffage share.
Eiffage's chairman Jean-Francois Roverato said that the French group will appeal against any decision by markets authority AMF to allow Spanish Sacyr Vallehermoso's all-share bid for Eiffage, news agency Europa Press reported. Sacyr, Eiffage's majority shareholder with a 33% stake, is seeking to take over France's third-largest construction company Eiffage through a share swap deal of 12 Sacyr shares for one Eiffage share.
Eiffage's chairman Roverato said in April that Sacyr will need to present an offer in cash to take over the French public works group. Eiffage filed a lawsuit last month alleging that Sacyr and other Spanish shareholders acted in concert and tried to take control of Eiffage. If collusion is proved, Sacyr's offer must be made in cash instead of stock.
The French firm is currently in talks to buy two Spanish companies for about EUR 200 mln. On Wednesday, it received approval by Czech competition authorities for its planned acquisition of the Czech Republic's sixth-largest construction company Tchas. Financial details have not been disclosed.