Sacyr-led group GUPC negotiations with Panama Canal break down

MADRID Wed Feb 5, 2014 3:20am EST

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MADRID Feb 5 (Reuters) - The Panama Canal Authority has broken off talks with a Spanish-led building consortium over $1.6 billion in cost overruns during work to expand the Panama Canal, the consortium said on Wednesday.

Consortium GUPC, led by Sacyr, said the breakdown in talks puts the Panama Canal expansion and up to 10,000 jobs at immediate risk, and that it was still continuing to seek a solution.

Shares in Sacyr fell 7 percent, while consortium partner Salini Impregilo were down 2.6 percent. (Reporting By Elizabeth O'Leary; Editing by Sonya Dowsett)

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