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Gobierno de España - Ministerio de Hacienda y Función Pública
Te encuentras en: Home»Privatizations»Balance sheet»Period 1985-1996

Period 1985-1996

During this period, about 70 sale transactions of State-owned participations took place in Spain. The money raised by the State until 1996 amounted to more than 13,200 Million Euros.

The main objective pursued by these privatizations was the rationalization and reorganization of the State-owned entrepreneurial sector, as well as to restore the competitiveness of its companies. The three entrepreneurial groups then existing in Spain -INI, INH and Patrimonio, were those in charge of the task.

Before 1985, INI had carried out the sale of up to 17 companies, such as General Eléctrica de España (in 1962), Marconi Española (1969), Sevillana de Electricidad (1971), Boetticher y Navarro (1973) or Petróleos de Navarra (1976).

It was in the eighties when the sale transactions took place within the framework of an industrial policy and with more specific objectives. These privatizations were of two types:

In the first case, most of the privatizations affected small or middle sized companies, which lack enough size for competing in the market, being INI which carried out most of the sales. The first company privatized by INI, in 1985 (although the deal was authorized in 1984), was Textil Tarazona.

Within this group of privatized companies appear also some well-known companies in the Spanish industry and with a larger size, such as SEAT and ENASA, from the automotive industry. Also stand out TRASATLANTICA (shipping); Marsans and ENTURSA (tourism); SECOINSA and TELESINCRO (Electronics); La Maquinista Terrestre y Marítima, ATEINSA and Fábrica San Carlos (Capital goods); G. E. Álvarez y ARTESPAÑA (handicrafts), and La Luz, OESA and other small-sized companies in the Food industry, as well as smaller companies belonging to these and to other industries.

The partial privatizations or those of a financial nature made possible to cover the losses incurred by other companies and for self-financing the growth of the partially-privatized companies, as well as to reduce the State debt and meet the European Union convergence requirements. These privatizations of profitable and consolidated companies took place on a case-by-case basis, reducing the size of the State entrepreneurial sector, but keeping the State presence in the listed companies, which might be of a minority nature but enough for controlling them.

Until 1996 16 public offerings were completed, which resulted in a turnover of more than 10,200 Million Euros (1.7 Billion Pesetas) and which made possible the listing into the Stock Exchange of companies which belonged to the second group, such as ENDESA, REPSOL, ARGENTARIA, TELEFÓNICA and ENCE.

Companies privatized by INI and TENEO through a sale which was not made in the Stock Exchange

Year Company Industry % divested Supplementary transactions
1985 Textil Tarazona
C.Soler Almirall
Ingenesa
Igfisa
Secoinsa
Pesquisa
SKF
Viajes Marsans
PBA
Indugasa
Clothing
Bearings
Electronics
Food
Electronics
Energy
Bearings
Tourism
Food
Automotive
69,56
100
67,6
100
69,1
45,4
98,8
100
85
50
1986 Entursa
Frigsa
La Luz
Gypisa
Olcesa
Telesincro
Insisa
Motores MDB
Remetal
Issa
Pamesa
SEAT
Tovisa
Miraflores
Cabsa
Aluflet
Mipsa
Tourism
Food
Food
Food
Food
Capital goods
Capital goods
Shipbuilding
Aluminum
Iron & Steel
Paper
Automotive
Capital goods
Food
Food
Aluminum
Mining
100
100
100
100
50,5
100
60
60
66,2
100
100
75
99,3

100
40
100










Privatization completed in 1990
1987 Dessa
Evatsa
Litofan Española
Purolator Iber.
Vict. Luzuriaga
Diasa
Miel Española
Alumalsa
Cont. Naval
Iron & Steel
Iron & Steel
Capital goods
Capital goods
Food
Food
Aluminum
80
100
100
94,7
33,34
50
51
44
1988 Grupo Lesa
Carcesa
Fridarago
Coisa
Astican
Promural
Pamensa
Acuasur
Food
Food
Food
Food
Shipbuilding
Food
Food
Food
99,9
99,9
98
100
90,7
53
99,9
66,7
1989 MTM
Ateinsa
Enfersa
Oesa
Pesa
Ancoal
Fodina
Capital goods
Capital goods
Fertilizers
Food
Electronics
Mining
Fertilizers
85
85
80
100
97,5
75,2
100
The remaining 15% was sold in 1992
The remaining 15% was sold in 1992
The remaining 20% was sold in 1991




1990 Saldosa Mining 51
1991 ENASA
GEA
TSD
Automotive
Handicrafts
Software
100
90
100

The remaining 10% was sold in 1992

1992 Icuatro Electronics 100
1993 Palco
Automoción 2000
Ibermática
Fábrica San Carlos
Aluminum
Automotive
Software
Capital goods
50
100
39
100
The remaining 50% was sold in 1994



1994 Sodiga
ASDL
Gyconsa
Trasatlántica
Artespaña
Ind. promotion
Electronics
Electronics
Sea transport
Handicrafts
46,2
86,67
9
99,98
100
Privatization completed in 1997




1995 Refínalsa
Indra
Aluminum
Electronics e Inf
50
24,9%

Privatización total en 1999 con OPV
1996 Auxini
Sodican
Construction
Ind. promotion
40
41
Privatization completed in 1997
The remaining 10% was sold in 2001
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