Another Messier mess

11 May 2004 By Fiona Maharg-Bravo

With a rival champing to buy the Spanish construction firm, Veolia should in theory be able to get big bucks for its 26% stake. But there is a snag the French utility doesn t control the shares directly. Esther Koplowitz does.

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The leading shareholders in Spanish construction firm FCC Spanish businesswoman Esther Koplowitz and French utility Veolia met this week to discuss the sale of Veolia's stake.

Koplowitz is understood to want to buy some of Veolia's stake and get some financial backers to help her buy the rest. Veolia owns an indirect 26% stake in FCC via a 49% stake in holding company B1998. Koplowitz controls the remaining 51% in the holding company. B1998 has 52% of FCC.

Rival construction form Acciona said it has been in talks with FCC about a possible merger, but said it wasn't negotiating the purchase of Veolia's stake. FCC later denied any talks took place. Acciona raised its 9% stake in FCC to 14% last month.

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