Acciona SA and Grupo BTG Pactual’s contract to privatize the water supply in Barcelona is still in effect and has not been annulled by Catalonia’s Superior Court, the Acciona-led group said today.
The 1 billion-euro ($1.3 billion) contract signed last year “remains a legally effective contract” and the venture plans to manage the city’s waters for the next 50 years, the renewable energy company said. The shares rose as much as 5.6 percent in Madrid trading, the most since April 10.
Catalonia’s court ruling on July 19 that sided with a challenge by Sociedad General de Aguas de Barcelona to nullify the contract ruled on precautionary measures and wasn’t a final judgment, Alcobendas, Spain-based Acciona said in the statement.
Acciona and BTG also said any ruling is subject to appeal before the Supreme Court. There was no answer at the court press office when called this afternoon for comment.