The regulatory authority in Spain, the National Securities Market Commission, has granted an exemption to Mexican investors Prodi and Mota-Engil Mexico from the obligation to initiate a full public acquisition offer for 100% of Duro Felguera. As predicted, these groups have reached or surpassed the 30% threshold of Asturian engineering’s capital, a development that clears the way for them to attain majority control after two capital increases totaling €90 million are implemented. This exemption is a pivotal step that could secure the company’s future by enabling the necessary capital injections while preserving the operational continuity of the group. Market observers note that the decision preserves strategic options for all parties involved and signals regulatory trust in the rescue-like plan under discussion (CNMV report, 2024).
Consequently, the exemption allows the execution of the plan essential to promote and stabilize Duro Felguera, since the capital contributions from Prodi and Mota-Engil México are central to the strategy. Without this relief, the two groups would likely have been compelled to launch a takeover bid or withdraw the expansion plans, given that the Mexican alliance would own an estimated 31% to 55% of Asturian engineering after the new shares are issued. The regulator’s review remains ongoing, as the expansion prospectus requires formal clearance before any binding steps can proceed. Analysts emphasize that the absence of a mandatory 100% buyout creates room for a controlled, staged strengthening of the company’s equity base, aligning with the broader aim of ensuring long-term viability (CNMV rationale, 2024).
In this context, the CNMV’s stance is viewed as a watershed for the company’s trajectory. The decision aligns with specific provisions of royal decree 1066/2007, which regulate such operations and identify three key conditions: the acquisition of a controlling interest through direct acquisitions or through the capitalization of loans into equity; the need to ensure the listed company’s ongoing financial stability and survival; and the objective of safeguarding the firm’s long-term recovery through strategic operations. The initiatives involve a plan where nearly €90 million is advanced as loans by the Mexican partners with the intention to convert them into equity, thereby strengthening the capital structure. These steps come amid a backdrop of market headwinds, including the Covid-19 pandemic’s aftermath, the Ukraine conflict, and other macroeconomic pressures that have influenced corporate finance decisions through 2024. The current framework permits such mechanisms without immediate termination, though any resulting losses from prior years may be treated differently for capital and liquidation purposes (CNMV reasoning, 2024).