Sacyr Vallehermoso SA said its board of directors has ratified the company´s plans to acquire a 3.1 pct stake in Banco Bilbao Vizcaya Argentaria SA and appoint representatives to the bank´s board.
In a statement, Sacyr said its board has also extended by one month the Dec 24 deadline it gave to chairman Luis del Rivero to complete the acquisition.
The construction and services group reiterated that the BBVA stake buy is 'on our own initiative and is a strictly business decision,' adding that its aim is to 'reinforce BBVA´s leading position in Spain and Europe, while maintaining the existing management team.'
When Sacyr first announced its plans for BBVA last month, speculation was rife that the move was government-backed and a prelude to ousting the bank´s chairman Francisco Gonzalez.
Sacyr also reiterated that the acquisition will be carried out through a 1.1 bln eur capital hike, noting that if necessary, its board members have agreed to cover 700 mln.