ACS Appeal Against Iberdrola Board Exclusion Rejected in Bilbao
Stock Chart for ACS Actividades de Construccion y Servicios SA (ACS)
Actividades de Construccion y Servicios SA, the largest shareholder in Iberdrola SA, suffered a setback in its bid to gain influence on the utility’s board as a court in Bilbao rejected its latest challenge.
ACS had appealed a ruling last year that upheld Iberdrola’s decision to bar a representative from the construction company from its board in 2010, according to court documents e-mailed by Iberdrola. The court threw out the appeal yesterday.
Iberdrola, Spain’s biggest electricity utility, denied a board seat to ACS at its 2010 shareholder meeting, saying ACS’s power-generation assets made it a competitor. A similar appeal relating to the 2011 shareholder meeting was rejected earlier this month.
A spokesman for ACS didn’t respond to a call requesting comment.
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