The gloves are off

It’s open war. Sacyr has launched a hostile E9.5bn bid for France’s Eiffage. The Spanish construction company, which already owns a third of the French builder, has spent a year trying to get five seats on the board. It failed. Then on Wednesday Eiffage stripped the voting rights of other Spanish investors it believed were acting in concert with Sacyr. Sacyr took that as the last straw. So now it is making a bid for the whole thing. Sacyr is doing its best to keep up the sweet talk. It has prom...