Debt Forces ACS Strategy U-TurnApril 2012 | Corporate Financing Analysis
CFW View: Falling share prices and mounting debt has forced ACS to give up its dream of strategic ownership in Iberdrola, and Abertis. The sell-offs are indicative trends of the repercussions now facing infrastructure companies in a recession-hit Spain. Furthermore, we believe more ACS assets might soon flood the market due to increased cost of re-negotiated debt, further downward pressure on investments, and a limited shareholder benefit from new the minority status.
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