Sacyr Vallehermoso has pulled the planned public offering of its toll road business, in the latest setback for the debt-laden Spanish construction and services group.

Itínere, which holds stakes in 35 motorways and runs three hospital concessions, an airport and a transport hub, had been priced by the domestic market at about €3.5bn ($5bn), compared with analysts’ valuations of more than €5.2bn.