Spanish group Sacyr bids 6.5 bln euros for control of Eiffage

0 Comments | AFP, April, 2007

MADRID (AFP) — Spanish group Sacyr Vallehermoso bid 6.5 billion euros (8.8 billion dollars) for total control of Eiffage of France on Thursday in a deal that would create a European construction giant, striking back a day after being jilted in a boardroom battle.

The bid would give rise to the fourth-biggest European civil engineering and construction group, and "a major player in construction in Europe," Sacyr chief Luis Del Rivero told a news conference in Paris.

The new entity would operate 3,400 kilometres (2,125 miles) of motorways throughout the world, of which more than 3,000 kilometres would be in Europe and Latin America, he said.

The bid, if successful, would create a "truly European group" with a strong base in France, Spain and Portugal, with...