The Minority Shareholders Union (SAM) of Duro Felguera has warned the State Industrial Participations Society (SEPI) that Indra should not be favored at the expense of the interests of the Asturian company, in reference to the binding offer of between 2 and 3 million euros made by Indra to buy its heavy boiler factory in Gijón, known as ‘El Tallerón.’
The main shareholder of Indra is the Government, which holds a 28% stake in the company through SEPI.
«From SAM, we reiterate, as we did when we opposed the ‘fire sale’ of Epicom to Indra as well, that a company owned by the State cannot be favored at the expense of the interests of Duro Felguera and its minority shareholders,» criticized SAM president Eduardo Breña in statements to Europa Press.
In September 2023, when the public holding exercised the option to purchase Epicom, a subsidiary of Duro Felguera considered strategic for national security, Indra and Grupo Oesía were brought into the shareholding, each with a 30% stake, in a deal valued at 5.3 million euros.
The minority shareholders of the Asturian company recalled that at that time «SAM tried to halt the sale or, failing that, demanded a fair price through legal action once the sale of Epicom was completed.»
In line with this, the offer that Indra has made to Duro Felguera for ‘El Tallerón’ falls below the expectations of the minority shareholders of the Asturian company, which is just days away from the expiration of the three-month extension granted by SEPI within the framework of its pre-bankruptcy agreement, with the deadline for reaching an agreement with financial institutions set for June 11.
In fact, the minority shareholders of Duro Felguera already warned at the end of last March that they would oppose the sale of ‘El Tallerón’ at a «fire sale» price.
### BINDING OFFER FROM INDRA TO DURO FELGUERA
Indra has presented a binding offer of between 2 and 3 million euros to Duro Felguera to purchase ‘El Tallerón’, an operation in which its intention is to convert the facilities into a plant for manufacturing armored vehicles and to gain in-house capabilities in this business segment, according to various sources confirmed to Europa Press.
Indra’s president, Ángel Escribano, revealed in a statement to Congress in mid-March the company’s intention to acquire Duro Felguera’s plant.
In this sense, Indra set its sights on acquiring these facilities after General Dynamics European Land Systems, the armored vehicles business of the US company in Europe and owner of Santa Bárbara Sistemas, refused to sell the Santa Bárbara Sistemas plant in Trubia (Asturias).
However, Indra’s offer includes a commitment to incorporate the 156 employees working at ‘El Tallerón’, with the company also planning to make a series of investments in the facilities to position itself as a strategic company for the defense of Spain and Europe.
For its part, Duro Felguera has declined to comment on Indra’s binding offer and has maintained a section on ‘Assets for Sale’ on its website, which would represent a divestment focus on certain properties and a source of liquidity for the company.
### MEETING WITH SEPI
Furthermore, Breña has indicated that the union he leads has formally requested a meeting with the SEPI management within the framework of the pre-bankruptcy agreement.
«As we have always stated, we will stand by those who protect Duro Felguera and its shareholders,» defended the SAM president.
Nevertheless, he threatened to go to court to prevent the minority shareholders of Duro Felguera — who hold 4% of the capital — from being held responsible for the consequences of the investigation if they ultimately lose their investment.
«If we lose our investment after everything that has happened, instead of being the best possible ally for SEPI, we will go to court and will not be held responsible for the consequences of the investigation,» Breña stated.
On the other hand, the small shareholders of Duro Felguera have also pointed out that the controlling partners — the Mexican companies Prodi and Mota-Engil México — have failed to fulfill their commitments and obligations.
FUENTE
