Acciona refuses to pay Landlease the final 35 million euros due on sale of a portfolio of construction contracts

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Link Securities |Acciona and Australian firm Landlease have ended up in court over the sale of a portfolio of construction contracts to the Spanish infrastructure group. The portfolio belonged to a subsidiary of Landlease Engineering. The Australian group is reclaiming the payment of the last 60 million AU$ (some 35 million euros) of the transaction, which was finalised a little over a year ago. Acciona is refusing to pay up, flagging that the operation was conditional on a number of milestones which, as far as it understands, have not been reached.