On 11 July 2016, Paris-based international satellite operator, Eutelsat Communications S.A., announced that it was looking to exercise a “put” option to sell its 33.69 per cent stake in Spanish FSS (Fixed Service Satellite) operator Hispasat S.A. Eutelsat has held shares in the company since 2008.
The announcement was followed a day later (12 July) by a statement from Hispasat majority shareholder Abertis, a major Spanish conglomerate, reminding Eutelsat about an agreement between fellow shareholders to remain “locked-in” Hispasat until July 2017. Eutelsat responded to Abertis on 13 July, by updating their original statement to mention an exception given to Eutelsat by Abertis in 2008 which they believe allows them to put their shares up for sale before the July 2017, end-date.
Whether or not Eutelsat has an exception, any transaction the company makes in regards to its shares in Hispasat will have to be approved by the Spanish Government.
