La Caixa, Suez launch bid for water firm Agbar 01/10/2007 00:00

1 October 2007

MADRID - AFP - Spanish savings bank La Caixa and France's Suez said Monday they had launched a joint bid for the remaining 50.21 percent of Spanish water utility Sociedad General de Aguas de Barcelona, or Agbar, which they do not already own.

The two companies will offer 27.65 euros per share of Agbar, Spain's biggest water firm, in a bid worth 2.08 billion euros (2.97 billion US dollars), the two firms said in a statement.

La Caixa and Suez had already announced plans for the bid in April at which time it was expected to be at either 26.7 or 27 euros per share.

The two firms jointly detain 49.79 percent of Agbar through their joint investment vehicle Hisusa.

Agbar, which has interests in Britain, Chile, Colombia, Cuba and Mexico as well as Spain, posted a 2007 first-half net profit of 100.7 million euros, a 6.1 percent increase over the same time last year on a turnover of 1.39 billion euros.

[Copyright AFP with Expatica]

Subject: Spanish news