ACS charges Iberdrola against a possible lawsuit from the utility for unfair competition

The old battle between two giants of the Ibex, ACS and Iberdrola, it flares up. The construction company that presides Florentino Pérez has reacted brilliantly this morning to the start of a legal action by the electricity company, in which the rival could be sued for unfair competition. This new shock occurs years after ACS saw its membership on the board of Iberdrola, of which it was the first shareholder, vetoed. After that, a long cold war.

The news of the opening of the road, with the request for a preliminary diligence, which may lead to a lawsuit from Iberdrola, which for now has requested preliminary proceedings, has been published today by the newspaper ABC, to which ACS speaks of “a diversionary maneuver to try to dilute its responsibilities in the face of such a disgusting fact.” The infrastructure group refers to the attempt to create a montage against Florentino Pérez, supposedly agreed by former Commissioner Villarejo and who was Iberdrola’s general director of security, Antonio Asenjo.

Given the existence of audios that came to light, Pérez “decided to appear as injured party in piece 17, known as Iberdrola, in the procedure that is being followed in the National Court against Commissioner Villarejo,” ACS recounted this morning through of a statement.

The construction company recalls that Villarejo proposed actions against the president of ACS, to which the Iberdrola manager pointed out that “it would be easier to make an assembly with a child or make him disappear simulating an accident.” ACS has reiterated this morning that it is a “disgusting proposal that alone qualifies whoever makes it and the company that protects you firing him with a more than generous severance pay ”. Here one of the forceful attacks on the electric.

In search of a possible leak from ACS

Regarding Iberdrola’s legal actions, these are processed after the publication of an article in The confidential, on February 22, in which it was reported on an alleged judicial action that Florentino Pérez was preparing and for which he was going to claim 2.6 billion euros Iberdrola for the Villarejo plot.

The article, which the legal advisers of the electricity company attribute to an ACS leak, according to a letter sent to a commercial court in Madrid, was published two days before the presentation of the 2020 economic results, which spoke of the strength of the company in the face of the pandemic. Iberdrola’s share suffered and analysts asked again about the old battle with ACS.

Iberdrola’s offensive is based on alleged unfair competition from the construction company consisting of a act of denigrating a competitor to undermine its credit in the market. For this reason, it has demanded that the court summon the legal representatives of ACS to clarify the authorship of the leak. It also seeks to ascertain the true intention of its shareholder: to sue for a large amount or not. Faced with this extreme, the construction company has asserted in writing this morning that “We have never communicated to anyone that a claim for damages against Iberdrola is prepared”.

Judge Jorge Montull, for his part, points out that “it is appropriate to agree to the practice of diligence, as it is deemed appropriate for the intended purpose and there is just cause and legitimate interest in the requesting party [por Iberdrola]”. The power company has had to post a guarantee of 6,000 euros and will have one month, from the closing of the judge’s proceedings, to file the lawsuit.

The lawyers of both parties are summoned on June 16 by the Commercial Court number 4 of Madrid in preliminary proceedings of an urgent nature.

The statement issued by ACS, “as well as the news of the cause”, will be presented by the construction company before the Court of the National Court that is processing the Villarejo case.

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