Sacyr has announced it will sell its 33,32% stake in Eiffage to a group of unnamed French institutional investors. A price of € 63 per share has been agreed for a total of € 1,96 billion.
Sacyr became Eiffage's biggest shareholder two years ago, but despite repeated requests it was refused seats on the company's board, Sacyr maintained its shareholding just below the one-third benchmark that would have necessitated a formal takeover offer.
Relations between the two companies hit a new low last April at Eiffage's AGM. Sacyr's voting rights, along with those of 89 other Spanish investors were suspended when they were accused of acting in concert with each other - against stock market rules - to force the issue of board representation.
France's stock market regulator Autorité des Marchés Financiers (AMF) subsequently ruled that Sacyr and the other Spanish had colluded, saying Sacyr should raise its takeover offer for Eiffage. However, an the Paris appeals court ruled that while there had been collusion, AMF had failed to follow procedure, and that Sacyr did not have to tender a takeover for Eiffage.
According to a statement from Sacyr, the agreement to sell its stake in Eiffage, "Will terminate the existing legal proceedings, enabling Sacyr Vallehermoso to seek further business opportunities."