Oviedo, Feb 22 (EFE).- The CEO of Duro Felguera, Jaime Argüelles, assured this Wednesday that the understanding agreement to give the Mexican groups Prodi and Mota-Engil entry into its shareholding is a “great opportunity” for a “very promising future”.
In statements sent by the company, Argüelles has highlighted that the entry of both groups will mean having a benchmark in the shareholder that gives confidence both in the financial markets and internally at the company.
In addition, he added, it will allow the engineering and capital goods group to obtain “important synergies at a commercial and business level” taking advantage of the “powerful positioning” of both investors in markets such as Mexico, the United States or North Africa.
Finally, the agreement will mean for Duro Felguera obtaining financing and liquidity in the short term to “move from a time of survival towards a stage of consolidation and growth”, the CEO stated.
Argüelles has trusted in “a very promising future” after some “difficult years” in which the company was the object of a temporary public rescue of 120 million euros by the Fund to Support the Solvency of Strategic Companies of the State Company of Industrial Participations (SEPI), and another 6 million from the Principality of Asturias, and in which it also had to refinance its debt and apply an ERE.
According to the binding understanding agreement reached between the parties, Grupo Prodi and Mota-Engil México will contribute 90 million euros to subsequently acquire a maximum of 55 percent of the Spanish company in a capital increase.
The Prodi Group, controlled by José Miguel Bejos, is a Mexican industrial company whose main activity is the design and construction of public infrastructure, public transportation, oil and gas, energy and tourism projects, among others.
In addition, it has a 49 percent stake in the other investor, Mota-Engil México, head of a business group whose ordinary activity focuses on civil works, infrastructures, concessions and engineering, energy, industry and tourism, in turn owned by the Portuguese business group Mota-Engil by 51 percent. EFE