Sacyr Vallehermoso took a full-page advertisement in French daily La Tribune Tuesday to say that its managers are ready to meet with Eiffage's employee representatives. The meeting would aim to clarify the company's position with regards to EIffage and discuss plans for the development of the French group, news agency Thomson Financial reported.
Sacyr Vallehermoso took a full-page advertisement in French daily La Tribune Tuesday to say that its managers are ready to meet with Eiffage's employee representatives. The meeting would aim to clarify the company's position with regards to EIffage and discuss plans for the development of the French group, news agency Thomson Financial reported.
Sacyr's move follows Eiffage's negative response on Monday with regards to its all-share takeover offer. The French builder rejected Sacyr's bid and added it will launch legal action over 'irregularities resulting from concerted action' from Spanish shareholders. Eiffage's ceo Jean-Francois Roverato reiterated that the company would only accept an all-cash bid by Sacyr. Roverato told daily Le Figaro on Monday that Eiffage was confident it could prove an illegal concert action, but added that it had no written evidence.
Sacyr, Eiffage's majority shareholder with a 33% stake, unveiled plans for an all-share offer of EUR 6.5 bn for the remaining 67% stake in the French group, a day after it failed to reach five seats in Eiffage's expanded board of 15 members.
