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SAGARRA INVERSIONES v. CEMENTOS PORTLAND

No. 425, 2011.

34 A.3d 1074 (2011)

SAGARRA INVERSIONES, S.L., Plaintiff Below, Appellant, v. CEMENTOS PORTLAND VALDERRIVAS, S.A., et al., Defendants Below, Appellees, Uniland Acquisition Corporation, Nominal Defendant.

Supreme Court of Delaware.

Decided: December 28, 2011.

Attorney(s) appearing for the Case

Arthur L. Dent and Scott Czerwonka, Esquires , of Potter Anderson & Corroon LLP, Wilmington, Delaware; Of Counsel: John Fornaciari (argued), Robert Disch and Jeremy Keim, Esquires , of Baker Hostetler L.L.P., Washington, D.C.; for Appellant.

Paul J. Lockwood (argued) and Rachel J. Barnett, Esquires , of Skadden, Arps, Slate, Meagher & Flom LLP, Wilmington, Delaware; Of Counsel: Jay B. Kasner, Esquire , of Skadden, Arps, Slate, Meagher & Flom LLP, New York, New York; for Appellees.

Before STEELE, Chief Justice, HOLLAND, BERGER, JACOBS and RIDGELY, Justices, constituting the Court en Banc.

JACOBS, Justice:

The appellant, Sagarra Inversiones, S.L. ("Sagarra"), a Spanish corporation, is a minority shareholder of Corporación Uniland S.A. ("Uniland"), also a Spanish corporation. Sagarra brought a Court of Chancery action to rescind the sale, by Cementos Portland Valderrivas ("CPV"), of Giant Cement Holdings, Inc. ("Giant"), to Uniland. CPV was the controlling stockholder of both Giant and Uniland. Sagarra purported to sue derivatively on behalf of...

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