Catalonia Court Backs Revoking Acciona’s Water Contract
Stock Chart for Acciona SA (ANA)
The top court in Catalonia backed a panel’s decision to revoke a 1 billion-euro ($1.3 billion) contract with Acciona SA (ANA) to privatize Barcelona’s water supply.
The Superior Court ruling sides with Sociedad General de Aguas de Barcelona’s challenge to nullify Catalonia’s contract awarded to an Acciona-led group late last year and urged the regional government to call for a new bidding process, court documents show. A spokesman for Acciona declined to comment today.
Acciona, along Grupo BTG Pactual (BBTG11), has effectively managed the city’s water since Jan. 1 and said its offer met all legal requirements in April. The Alcobendas, Spain-based company also has said it would seek a full refund for about 299 million euros of payments made to regional authorities should the contract be canceled.
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