Celsa’s creditor funds have agreed with the Government on the conditions to take over 100% of the capital of the Catalan steel plant that is currently in the hands of the Rubiralta family, according to sources consulted. Bloomberg assures that creditors will present the request for authorization to keep the shares this week. The council of ministers must give authorization for foreign investors to acquire the capital of a strategic Spanish company. Creditor sources have declined to comment today.
The agreement on the terms of the takeover comes after the name of two candidates to become industrial partners of Celsa – Sidenor and Grupo CH – was revealed, as La Vanguardia reported today. Once the Executive receives the authorization request, it will have three months to decide.
The Government demands three major commitments from creditors: maintenance of employment at Celsa, the integrity of the company and its decision-making headquarters, and the entry of a Spanish industrial partner.
The sources consulted maintain that the Government would like the Spanish industrial partner to have 25% of the shares of the steel plant based in Castellbisbal, although other sources maintain that this percentage would be 20%. One of the issues that are under discussion is how much that percentage is valued. Based on the valuation assumed by the judge in the ruling in which he awarded the shares to Celsa’s creditors, 20% would be equivalent to around 500 million.
The entry of an industrial partner into Celsa is studied in parallel to the configuration of the board of directors. For now, only the appointment of the former CEO of Naturgy, Rafael Villaseca, as president has emerged.
