Spanish Cement Co. Escapes Suit Over $280M Unit Sale

Law360, New York (August 8, 2011, 2:10 PM EDT) -- A Delaware court on Friday ruled that a Spanish shareholder could not pursue a derivative suit alleging self-dealing by Cementos Portland Valderrivas SA in the $279 million sale of a U.S. subsidiary.

The Delaware Chancery Court said Sagarra Inversiones SL had adequate opportunities within the Spanish legal system to pursue its claims that CPV engineered the sale of a South Carolina-based subsidiary to a separate unit of the holding company in an effort to both get the cash from the sale and get rid of a...
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