Spanish property development company Sacyr Vallehermoso will try to get a seat on Eiffage's board later this week, Spanish national newspaper ElPais reported. The company intends to obtain the seat previously occupied by Belgian group Frere, who sold the 6.1% stake he held through his French investment vehicle, Compagnie Nationale a Portefeuille, to the French Caisse de Depots.
Spanish property development company Sacyr Vallehermoso will try to get a seat on Eiffage's board later this week, Spanish national newspaper ElPais reported. The company intends to obtain the seat previously occupied by Belgian group Frere, who sold the 6.1% stake he held through his French investment vehicle, Compagnie Nationale a Portefeuille, to the French Caisse de Depots.
Frere had built up its stake for EUR 307 mln at the beginning of 2006, and it was valued at EUR 407 mln when the market closed last Friday. ElPais said Sacyr is competing with Caisse de Depots for the seat. The French state-owned company currently holds around a 10% stake in Eiffage, after it acquired Frere's shares.
Sacyr Vallehermoso said it does not plan to sell its 32.1% stake in Eiffage, dismissing French media reports that the Spanish builder has not ruled out the move. 'We have no plans to sell our Eiffage holding and the stake is not up for sale,' a Sacyr spokesman told the financial agency AFX News.
The French daily La Tribune had earlier reported, without citing sources, that Eiffage's majority shareholder Sacyr Vallehermoso was not ruling out selling its 32.1% stake in Eiffage, a French company whose principal activities are construction and civil engineering work.
