Spain's Sacyr Vallehermoso is not planning to launch a cash offer for Eiffage, chairman Luis del Rivero told French business radio BFM on Friday. Rivero said that the company's all-share bid is 'the best offer for everyone'. The statement comes in the wake of rumours that Eiffage was looking for a cash offer from the Spanish builder.
Spain's Sacyr Vallehermoso is not planning to launch a cash offer for Eiffage, chairman Luis del Rivero told French business radio BFM on Friday. Rivero said that the company's all-share bid is 'the best offer for everyone'. The statement comes in the wake of rumours that Eiffage was looking for a cash offer from the Spanish builder.
A source close to Eiffage said Thursday that Sacyr will need to present an offer in cash of EUR 129.5 per share to take over the French public works group. This would be the last price paid by Spanish investors to buy shares in Eiffage.
The French stock market regulator AMF is expected to decide within the next three weeks on the validity of Sacyr's all-share bid. The stock authority will also have to examine whether Eiffage's Spanish shareholders have been acting in concert with Sacyr to take control of the French group. Eiffage cancelled the voting rights of 89 Spanish shareholders on Wednesday, after accusing them of acting together to support Sacyr's takeover move.
Sacyr, Eiffage's majority shareholder with a 33% stake, unveiled plans last Thursday to launch 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. Eiffage is expected to decide its stance on Sacyr's bid today (Monday).