Eiffage Prepares Its Next Move at Getlink — DJ Plus
Paris (Agefi-Dow Jones) — Eiffage has not yet crossed the Rubicon, but it is steadily drawing closer. On Thursday 26 March, the construction and concessions group announced it had acquired an additional 1.74% of Getlink's share capital, bringing its total stake to 29.4% of shares and 29.5% of voting rights in the Channel Tunnel operator.
It now stands just a stone's throw from the 30% threshold that would oblige it to launch a full takeover bid on all Getlink shares.
Having first entered the capital in 2018, Eiffage became the company's largest shareholder in 2022 by acquiring the 13.71% stake held by TCI Fund Management. The group has since continued to buy shares: 1.76% of capital in 2023, 7.11% in October 2025, and now 1.74% on 26 March.
The muted market reaction — Getlink fell just 0.3% on Friday — suggests investors are not pricing in an imminent takeover bid. When Eiffage crossed the 25% threshold last autumn, it had moreover stated that it "does not intend to file a public offer for the remaining capital."
That commitment was not reiterated in the 26 March communication, but the company likely has good reason to wait at least another year before potentially launching a bid. The October acquisition of the 7.11% block included a clause requiring Eiffage to compensate the sellers if the group were to acquire further shares within 18 months at a price above the €17.70 paid at the time — i.e. through to April 2027. In this week's open-market purchases, Eiffage was careful not to exceed that price ceiling, with an average cost of €17.40 per share.
+Offsetting the End of Motorway Concessions+
In the longer term, a full acquisition of Getlink could nonetheless make strategic sense for Eiffage. The group faces the expiry of its main concessions within the next decade: APRR and Area will end in November 2035 and September 2036, respectively. Last year, these generated €3.2 billion in revenue, representing 80% of its concessions business — which itself accounts for 16% of Eiffage's total sales and 65% of its operating profit.
In this context, Bank of America analysts, in a note published last January, expressed concern about the group's ability "to replace its expiring concessions (...) given the high prices of mature infrastructure assets on the market, as illustrated by the recent build-up in Getlink." At the current share price of the Channel Tunnel operator, purchasing the 70.6% of capital Eiffage does not yet own would cost it €6.8 billion, compared to the €2.5 billion already deployed since 2018 at an average price of €15.50 per share.
Facing similar challenges, France's other concessions giant, Vinci, announced this week the acquisition of motorways in India for €1.4 billion. Its main French networks, Cofiroute and ASF, will expire in 2034 and 2036 respectively. Vinci is nonetheless less exposed than Eiffage, notably thanks to its diversification into airports: last year, Vinci Autoroutes represented "only" 57% of concessions activities and 35% of the group's total operating profit.