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Gobierno de España - Ministerio de Hacienda y Función Pública
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The promotion of competitive entrepreneurial projects called for the privatization of a large number of companies of the SEPI Group. Specifically, in 1998 the following privatization procedures were concluded:

  • 38.19% of ENDESA, thus reducing its shareholding participation to 3.27%.
  • 100% of the Company in charge of operating the Spanish Electricity Market which, through a competitive bid was awarded to 21 institutional investors.
  • 99.66% of INESPAL, which was purchased by Alcoa, world leader in the aluminum industry.
  • 67% of AVIACO, purchased by IBERIA.
  • 2.45% of ARGENTARIA, through a public offering.
  • 100% of Grupo POTASAS, sold to Dead Sea Works/ La Seda and Tolsa.
  • 100% of INFORLEASING, purchased by Leasing Cataluña.
  • 9% of ENAGAS, purchased by GAS NATURAL.
  • 100% of PRODUCTOS TUBULARES, bought by Tubos Reunidos.
  • 100% of INIMA, purchased by Lain.
  • 100% of HIJOS DE J. BARRERAS, to Grupo Barreras.

Besides, an agreement was reached for the sale of 10% of IBERIA to British Airways and American Airlines, of 9% and 1%, respectively.

Also began the privatization process of RED ELÉCTRICA DE ESPAÑA with the selection of the Lead Bookrunners for the transaction.

During this year began INDRA’s privatization process, after the agreement reached with Thomson ’ CSF, and as a result of which Thomson-CSF reduced its participation in SEPI’s company from 24.99% al 10.5%, allowing the entry of Spanish institutional partners.

Regarding the reorganization of the industrial sector, SEPI harmonized historical debt during the year amounting to 78,899 Million pesetas. Within this context began the process for externalizing the commitments assumed with the personnel which resulted from past industrial reorganizations. These plans affected the workers from HUNOSA ’ FIGAREDO, IMENOSA, AHM, ACERNOR, AHV, ENSIDESA, BAZAN and BWE.

As for the consolidation of competitive corporate projects, it is worthwhile to highlight the actions in favor of technological strengthening, which were reflected in the participation in international projects such as those of Airbus, EF-2000, Arianespace or the Leopard, among others.

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