Victim of his unmeasured ambitions, Sacry president Luis del Rivero has fallen. After making a move to boost his level of power, the majority of the managing committee decided that his level was already sufficient, that there was no rhyme or reason to his plan, his temerity put the construction business at risk, and it was better to let him go. His own advisor, Manuel Manrique, had to vote against him and ally with the savings bank shareholders Abelló and Carceller. Everyone had been talking with the lenders that financed the 4.9 billion euros that Sacyr owes and had come to the conclusion that the situation would turn out better if they sold a major part of the investment in Repsol and thus reduce their debt, perhaps by half.
The company should still offer Testa, Canal de Panamá and the rest of Repsol as excellent guarantees. The bank just wanted money and to limit their exposure. Sacyr now possesses a more manageable amount and also more time with which to manage it. Del Rivero's feeble plan to ally himself with Pemex against Repsol has crumbled.
And one of the protected members of Sebastian's industrial policy has been dispelled, one of the construction industry guys that the government encouraged investing in the big companies at the expense of significant debt in order to bring stability and direction to the industry, but has caused chaos instead. Del Rivero summed up his business strategy of using political leverage and power plays in the construction business: "What do I care about ratings if the banks will give me everything I want?" Before that he had said enough.
