Agbar suspends Candover agreement

by Staff Writers
Madrid (AFP) Jul 31, 2006
Spanish water utility Sociedad General de Aguas de Barcelona SA said on Monday that an agreement to sell its Applus testing unit to Candover Investments PLC of Briotain had been suspended.

Agbar said in a statement to the Madrid stock exchange regulator the sale had been suspended after negotiations failed to seal an agreement.

AGBAR previously said its partners in the Applus unit, Union Fenosa SA and Caja Madrid, had agreed to sell their entire stakes in the vehicle testing business to Candover for 915 million euros (1.16 billion dollars).

The Catalan water group would also have received a premium of a further 100 million euros for its own 53 percent controlling stake in the unit.

In Europe, Agbar has interests in Spain and Britain and also operates in Chile, Colombia, Cuba and Mexico.

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