(Telecompaper) Eutelsat announced that it has initiated the process of divesting its 33.69 percent stake in Spanish satellite operator Hispasat by exercising the put option granted in 2008 by Hispasat's majority shareholder, the Abertis Group. Under the terms of the put option agreement, the value of the Hispasat stake will be determined by an independent expert, said Eutelsat in a statement. However, Abertis subsequently replied that the process initiated by Eutelsat is not valid and that the company doesn't recognise the put option under which Abertis would have to buy the stake.