💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

UPDATE 1-Eiffage chairman successor to be known on Dec. 8-source

Published 11/16/2010, 07:50 AM
Updated 11/16/2010, 07:56 AM

* Eiffage chairman choice to be announced on Dec. 8-source

* Board touched on succession but no agenda point-source

* Shares down 4.6 percent after Gecina sells stake

(Releads with source comment, adds shares)

PARIS, Nov 16 (Reuters) - French construction and concessions group Eiffage will announce the successor to chairman Jean-Francois Roverato on Dec. 8, a source said -- a topic absent from the agenda of the board's meeting on Tuesday.

A source close to Eiffage told Reuters the board had mentioned Roverato's succession but the matter had not featured as a separate point of discussion, dismissing a report in Le Figaro newspaper that Eiffage had convened an unscheduled board meeting, possibly to discuss the matter.

Le Figaro cited unidentified sources.

Eiffage was not available to comment.

Among potential successors, the paper cited Imerys chief operating officer Jerome Pecresse, Pierre Berger who is chairman of Vinci's large construction projects, Bruno Angles, head of France Macquarie Capital Funds or Pierre Mongin, head of the RATP metro operating company.

The source said a scheduled board meeting took place this morning, adding that topics discussed related to business as usual and that it "is hardly surprising that the topic (of Roverato's succession) came up".

In April, the company's board extended the contract for Roverato by one year, bying time to find a new chairman.

The FSI, France's sovereign fund which owns 20 percent of Eiffage, is pressing for the group to find a successor.

Roverato, re-elected in 2009 in the midst of the financial crisis for his long experience, has headed the group for more than 20 years, after taking the helm from Fougerolle in 1987.

After making the group France's third-largest and Europe's No.8 construction group, he successfully fought off assaults by Spain's Sacyr Vallehermoso between 2006 and 2008.

Eiffage shares fell 4.6 percent to 35.20 euros on Tuesday after real estate group Gecina said it had sold its entire 1.86 percent stake. (Reporting by Matthieu Protard, Caroline Jacobs; Editing by Hans Peters)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.