After fulfilling three years’ maintenance of the third set of locks, Sacyr and its partners in the consortium GUPC (of which the Spanish constructor controls 41.6%) have ended their contractual relationship with the Panama Canal Authority
The Miami Court of Arbitration delivered the sentence on Wednesday which obliges the consortium GUPC, in which Sacyr holds 41%, to returns the advances of 489 M€ which the Panama Canal Authority paid to start the work on the third set of locks.
Sacyr did well out of the housing bubble in Spain: its Ebitda was multipled by 2.9 between 2001 and 2007. Now the new Sacyr is building its business around concessions, aiming to mimic the business models of the French companies Vinci and Eiffage.
Sacyr announced yesterday that it will pay a scrip dividend, so that shareholders can choose between a cash payment of €0,052 per share or receive one new share for every 48 currently available.
Newcomer to the stock exchange, Cellnex (a subsidiary of Abertis in the business of telecommunications networks) and oldtimer Viscofan (which manufactures cellulose wrapping for the food sector) will substitute two new generation construction companies (Sacyr and OHL). Both of these firms are controlled either by families or professionals.
After straightening out the disputes with the Panamanian authorities over the costs related to the Canal works, Sacyr will finally inaugurate it in June. Board member Juan Maria Aguirre points out that the company has succeeded in overcoming the property crash and has drastically reduced its debt levels. Now it has to contend with the unexpected consequences of having an 8.5% stake in Repsol after the oil price bubble burst.
F. Barciela / F.G. Ljubetic | The bios about Carlos Slim, the third richest man in the world according to Forbes, are very clear about the origins of his fortune. He made the most of his money during the peso crisis by acquiring several blocks of shares in the biggest Mexican companies at a bargain prices. This is how he will acquire FCC, one of the biggest Spanish construction firms, for just…7.6 euros per share.
MADRID | By Jaime Santisteban | Spanish Ibex 35 welcomes the week over 10,500 points. “Ukraine showdown and macro numbers will hatch investors’ attention,” Link experts point out. Bankia analysts “see the positive influence of Chinese government statement about share, bond and raw material markets supporting measures. Markets also await remaining corporate results and European countries inflation.” Last week’s Mr Draghi’s words were crucial to stop euro appreciation- the currency is likely to keep going down.
MADRID | By Jaime Santisteban | Almirall, Campofrío and Sacyr are the most recommended values in the Spanish market, according the market consensus. Repsol turned down the offer to renew its two seats in the YPF ‘s board on Tuesday, and fixed its eyes in Norway instead. Also, unemployment in Spain reportedly dropped by 111,565 people in April. “Although this means a turning point in the Spanish economic recovery, the country remains in the deep well,” The Corner senior analyst Fernando G. Urbaneja explains.