Sacyr’s Entente

The last time Spain invaded France with some degree of success was during Philip II´s Golden Age in the sixteenth century. But even that incursion failed to unseat the French king. Sacyr Vallehermoso has learned this history lesson the hard way. The Spanish construction group has had to admit defeat in its long-running effort to control its French rival, Eiffage. It has agreed to sell its 33.3.% stake to a group of French investors for nearly E2bn, or a 5% premium to Tuesday’s close. Sacyr has m...