The fight to control the concessionaire of the Huerna highway reaches the Supreme Court

2023-10-21 04:15:00

The bitter judicial struggle for control of Itínere, the group that owns 100% of Aucalsa, concessionaire of the Huerna Asturian-Leonese highway, will be settled in the Supreme Court. The high court has admitted an appeal by the Spanish company Globalvía ​​against the ruling of the Provincial Court of Vizcaya that denied it the right to take a seat on the board of the concessionaire group and appoint three representatives.

Globalvía ​​owns 23.74% of the highway company directly and reaches 40% with the addition of another indirect participation through the company Arecibo.

Since the summer of 2017, Itínere has been the subject of a struggle for control between Globalvía, a company specialized in the development and operation of infrastructure, and the other large reference shareholder, which at that time was the American management company Corsair Infrastructure Partners and since last year it has been the Dutch pension fund APG, which controls 60% of the owner of Aucalsa through an alliance with Corsair, which remains in the capital, although now as a minority partner.

Successive lawsuits and awards punctuate the dispute in the group that owns 100% of Aucalsa

Successive lawsuits in different courts in Madrid and the Basque Country and several awards have punctuated the dispute over the last six years in the efforts of both blocks to gain control of Itínere.

Globalvía ​​had reached agreements to acquire shares from various investors that would have given it an absolute majority and control over Itínere had it not been for the fact that one of them, the Spanish company Sacyr, finally chose to transfer its 15.5% to Corsair, which that gave this fund hegemony.

A ruling from the Provincial Court of Madrid last year dismissed an appeal filed by Globalvía ​​against a previous court ruling that had recognized in 2020 that Sacyr had the ability to sell its stake in Itínere to Corsair despite the previous agreement it had reached with Globalvía. , which therefore invoked the preferential right of acquisition.

In parallel, a Bilbao commercial court rejected in November 2020 Globalvía’s claim to be recognized as part of the board of Itínere and the ability to appoint three representatives by virtue of the 40% it already controls in the society. The ruling was appealed, but the Bilbao Provincial Court confirmed it in September 2021, considering that Globalvía, as an infrastructure manager, is a competitor of Itínere.

Now, the Civil Chamber of the Supreme Court has admitted for processing, on September 27, the extraordinary appeals for procedural infringement and cassation raised by Globalvía ​​against the ruling of the Provincial Court of Bilbao. The Supreme Court indicates in the legal basis of the order issued that “the legally required assumptions and requirements are met, and at this stage there is no legal cause for inadmissibility.” The opposing party may, however, exercise its opposition to this decision.

Globalvía ​​simultaneously maintains the aspiration to gain shareholder hegemony, which is why it continues with the judicial process against the sale by Sacyr of 15.5% of Itínere to Corsair.

Itínere manages six toll highways in northern Spain, totaling 524.8 kilometers. In addition to the Astur-Leonesa Concessionary Highway (Aucalsa), it controls Audasa, Audenasa, Autoestradas de Galicia, Acega and Gesbisa.