January 16, 2008 / 1:31 PM / 12 years ago

Eiffage minority shareholders divided over Sacyr

PARIS, Jan 16 (Reuters) - French minority shareholder group APPAC threatened on Wednesday to take further legal action against Sacyr-Vallehermoso SVO.MC if it did not bid for Eiffage (FOUG.PA) at an originally proposed 127.3 euros a share.

APPAC also said it does not accept the proposal from a second minority shareholder group ADAM to let Sacyr bid 90 euros a share for the building company and avoid the risk a French court might order the higher payment.

Sacyr has declined to comment on ADAM’s proposal.

Sacyr built up a nearly one third stake in Eiffage last year and with other Spanish groups sought to gain control of its board. The move was blocked by Eiffage, and France’s AMF regulator later ruled the Spanish firms had been acting in concert and should launch a formal offer for the French firm.

Sacyr baulked at the proposed price of 127.30 euros, equal to the highest price paid by a member of the concert, and appealed against the AMF’s decision. France’s appeals court is due to give its judgement on Feb. 5.

“The APPAC association invites the Eiffame fund, representing (Eiffage) employee shareholders, to join any civil or criminal proceedings that it will initiate if, despite the court ruling, the Sacyr group does not respond to the injunctions on it to launch an offer at 127.30 euros,” APPAC said in its statement.

Sources familiar with the situation told Reuters on Tuesday that Sacyr and Eiffage had held talks in Paris about their dispute following calls from their governments to seek a friendly solution to the dispute. (Editing by Louise Ireland)

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