Suez: Argentine litigation soon settled?
(CercleFinance.com) - According to Bloomberg, Suez would have found common ground to settle the 12-year-old dispute over the Buenos Aires water concession contract.
According to the article, Argentina will pay the French group 275 million dollars (about 230 million euros), or 75% of the sum it owed to Suez, to settle the claim. The settlement will be made at the beginning of March - probably in the form of government bonds.
Initially, Bloomberg says, Suez and its associates were seeking 1.2 billion dollars in damages from Argentina after Nestor Kirchner, the former Argentinean president, cancelled the 30-year water concession contract in 2006 which had been signed by the city of Buenos Aires. The World Bank arbitration authority awarded Suez and its associates Sociedad General de Aguas de Barcelona and Vivendi 405 million dollars in compensation.
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