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.

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

El alcalde de Rairiz de Veiga irá a juicio por prevaricación en marzo

EP

El caso fue archivado y reabierto dos veces El fiscal pide el sobreseimiento y la acusación particular reclama la inhabilitación del regidor popular durante 10 años

La Lotería apuesta por el folclore

Miguel Córdoba, autor de ‘Anatomía del juego’, analiza la superstición entorno al sorteo

Abatido en Francia un presunto yihadista que atacó una comisaría

AFP

El hombre irrumpió armado con un cuchillo al grito de "Alá es grande" e hirió a un agente

Dortmund, Navidad en el pozo

El conjunto alemán, dominador hace pocos años de la Bundesliga, termina el año en descenso

LATIN AMERICA

US and Cuba to start talks to normalize relations

Announcement from White House comes after news that US contractor Alan Gross has been freed by Havana

“Isolation has not worked,” says Obama in TV address

US and Cuban presidents take to airwaves to make simultaneous statements on the way forward for relations

Colombia’s FARC guerrillas declare unilateral and indefinite ceasefire

Government must decide whether to do the same or risk ending truce

Lo más visto en...

» Top 50

Webs de PRISA

cerrar ventana