Sacyr shares dive after Panama Canal stoppage

Construction firm sees falls of 15 percent at one point after announcement by consortium

The shares of Sacyr fell sharply on Thursday, after a consortium led by the Spanish construction firm said the previous day that it had suspended work on the widening of the Panama Canal because of cost overruns.

Sacyr’s shares were down 15 percent at one point, although they recovered midway through the session slightly with a fall of nine percent.

The GUPC consortium – which also includes Italy's Impregilo, the Belgian firm Jan de Nul and the Panamanian company CUSA – said it was unable to complete the project based on the costs of the tender it won.

The group estimated the cost overrun at 1.6 billion dollars (1.16 billion euros) and asked the Panama Canal Authority (PCA) to make up the difference. The consortium said it had taken the decision to suspend work on the project because of the PCA’s failure to respond positively to its request.

In a statement filed with the National Securities Commission (CNMV), Sacyr accused the PCA of having failed to comply with the terms of the contract for the project, which was awarded to GUPC with a bid of $5.25 billion (3.8 billion euros).

Sacyr said the consortium had posted its claims for compensation for the cost overruns with a number of different institutions, including the International Chamber of Commerce’s International Court of Arbitration.

Comentar Normas

Para poder comentar debes estar registrado en Eskup y haber iniciado sesión

Darse de alta ¿Por qué darse de alta?

Otras noticias

Últimas noticias

Ver todo el día

Libertad a Leopoldo López

Ante una sentencia inminente, la comunidad internacional tiene que redoblar esfuerzos hacer respetar los derechos humanos

Landa gana la etapa reina y Aru es el nuevo líder de la Vuelta

EP Barcelona

El italiano saca en la general 27s a Purito, 30s a Dumoilin, 1'52s a Valverde y 3'07s a Quintana Froome pierde casi 9 minutos en meta

Scariolo: “Pau Gasol tendrá que centrarse en jugar como cinco”

El País Madrid

El seleccionador, en una rueda de prensa, asegura que Francia y Serbia le han impresionado

EL PAÍS RECOMIENDA

Lo que un cosmético nunca podrá hacer por ti

La ciencia ha sido capaz de identificar factores del envejecimiento de la piel

El veneno de la avispa que mata las células cancerosas

La 'Polybia paulista' genera una toxina antibacteriana

Lo más visto en...

» Top 50


Webs de PRISA

cerrar ventana