New episode in the «culebrón» in which the sale of Itínere has become. Globalvia has taken over 40% of the concessionaire after acquiring the shares of Abanca and Kutxabank today. However, finally Sacyr has refused to participate in this particular operation, which had been outlined with a contract signed between the four companies during the month of July. In response to this plant, the company controlled by international funds has ensured that will take the Spanish construction company to court, demanding compensation of 100 million euros.
Globalvia understands that by not accessing the sale of 15% of Itinere who owns, Sacyr has breached the contract signed by both parties (together with Kutxabank and Abanca) in summer. This agreement, which was sent to the National Securities Market Commission (CNMV), established that Globalvia would take 55% of the concessionaire for 723 million euros, after having valued 100% of the company at 1,300 million euros. euros
The agreement also included a right of first refusal for Corsair, which, in addition to being the majority shareholder of Itínere with 37.9%, also intends to take control of the concessionaire. However, the US fund launched a counteroffer only for the Sacyr package, which was enough to surpass 50% of the infrastructure company. The attempt, which had the prospect of prospering, was appealed by Globalvia, which caused a court to provisionally suspend the sale of Itínere.
At the end of September the matter got even more tangled: Corsair also filed an arbitration to prevent Globalvia it was done with the shareholding of Sacyr. A measure that has been used on Wednesday by the construction company to justify its decision to break the agreement reached with the company specializing in infrastructure.
The "legal obligations" of Sacyr
«Sacyr, in compliance with its legal obligations and as it did when it was summoned by APG-Corsair for the sale of its stake in Itínere, has been presented at the notary where it has been cited and has stated the existence of some precautionary measures imposed by an arbitration court that prevented the transmission of such participation, "the company said in a statement.
Regarding the possible compensation, the construction company defends that it has complied with its «Legal obligations and has respected the contract at all times». «Sacyr will decide, through its collegiate bodies and according to the appropriate legal and legal analysis, about the sale of its 15.5% stake in Itínere once the precautionary measures that have been imposed on the transmission of the participation ", says the text.
The judicialization of the sale of Itinere It can delay a process that already accumulates several months open. Knowledgeable sources of the operation suggest that the operation is on its way to the courts definitively and that it can take two or three years. Itínere is a group of concessions that manages 609 kilometers of toll roads divided into 7 concessions located in the north-west of Spain