Sacyr Vallehermoso faces the prospect of having to make a higher, cash bid for its French peer Eiffage after French bourse regulator AMF ruled that an earlier hostile all-share offer did not comply with French law. Siding with suggestions by Eiffage that the Spanish construction company - which owns a third of Eiffage's shares - may have acted in concert with other Spanish shareholders, the AFM said the French financial code requires a takeover offer to be at least equal to the highest share price paid by the buyer or its partners over the 12 months prior to the bid.
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