National Exchange Commission The exchange’s regulatory body (CNMV) exempted Mexican investors Prodi and Mota-Engil Mexico of the obligation to initiate a public procurement offer (OPA) for 100% Duro Felguera As predicted, they reach or exceed 30% of the capital of Asturian engineering. This will give majority control to the two North American groups once two capital increases totaling €90 million are carried out.
This exemption therefore paves the way for the execution of the operation necessary for the promotion and survival of Duro, as it conditions the capital contribution of Prodi and Mota-Engil México. They were not obliged to make a purchase offer for 100% of the company. If this decision had not been made by the CNMV, both groups would have had to launch a takeover bid or abandon the expansion, given that it was certain that the Mexican alliance would control between 31% and 31% after the acquisition of the new shares. and 55% of Asturian engineering capital. However, the regulator still needs to approve the expansion brochure.
CNMV considers that ““not necessary” In this case, the Mexicans’ obligation to form a takeover bid applies to section ‘d’ of article 8 of royal decree 1066/2007 regulating these operations; Accordingly, there are three conditions: “acquisition of a controlling interest” through acquisitions or other transactions resulting from the conversion or capitalization of loans in shares of listed companies” (the Mexicans advanced 90 million as loans to later convert them into capital), “financing of the listed company its sustainability is in serious and serious condition” in imminent danger, if not in bankruptcy” and “in Operations designed to ensure the company’s long-term financial recovery“.
The entry of Mexican groups is considered a transcendent development for the future of engineering, which was the subject of a public rescue operation in 2021 and had to increase capital in 2018. Duro currently has a Negative net equity positionParticipation loans provided by SEPI, banking and the Principality in 2021 are to be counted as net equity for commercial purposes such as capital reduction and liquidation, and are subject to the effects of Covid, the war in Ukraine and other changes until the end of 2024 – and therefore – although there is no legal reason for termination. an actual decree approved last year to mitigate its effects; Losses recorded in 2020 and 2021 are exempt from recognition for these purposes.