The public limited company TENEO was officially incorporated on July 14th, 1992, with the signature before a public Notary by the Chairman of the Instituto Nacional de Industria (INI), Mr. Javier Salas, after the Board of Directors of the INI had authorized, four days before, this incorporation, once it had been authorized by the Council of Ministers on June 19th, 1992. After its incorporation, took place the first meeting of the Board of Directors of the new company, during which Mr. Javier Salas himself was appointed as Chairman.
Clause 107 of Act 31/1991, on December 31st, about the General State Budget for 1992, had authorized INI to start the TENEO project, a new public limited company to which it should transfer its participations in those companies which were 'susceptible of being managed in accordance with homogeneous entrepreneurial criteria'; a company which 'will be organized and operate in strict accordance with that stipulated by the legal private law' At that time began the legal path for this new entrepreneurial group, free of public resources.
The TENEO project arose as the answer to the immediate application of the Single Act of the European Economic Community on January 1993 which, after the accession of Spain into the Community institution, prevented our state-owned enterprises receiving aid from the State, with the exception of a few specific industries.
The objective of this project was, thus, the consolidation of a financially autonomous entrepreneurial group which concentrated the corporate capital of INI which were potentially profitable, with an international size, and which guaranteed the active and long-term presence of the Spanish capital in a more and more competitive global market. Its strategy included the opening to the participation of new shareholders in the capital of its enterprises and even the possibility of a future listing of the parent company itself.
TENEO was incorporated with a social capital which amounted to 658,312,370,000 pesetas, which was fully subscribed by INI, which provided as a guarantee, at the time of the incorporation, the shares of 29 of its enterprises, as well as the building on which was located its head office, valued in 16,500 Million Pesetas. The remaining enterprises, up to the 47 previously stipulated, were transferred to the new Group from INI before the end of the same year. In this way, on December 31st, 1992 the social capital amounted to 835,000 Million Pesetas, of which 815,000 Millions corresponded to the equity portfolio.
INI's Board of Directors had approved before, in its meeting on January 24th, a capitalization process in certain enterprises of the Group in order to put them in similar conditions to those of their competitors in the market. Thus, to the faultless financial structure entirely made up by its own resources, with a very low debt, it was also added the sound financial situation of its enterprises. On June 19th, the Council of Ministers authorized the evaluation criteria for the enterprises which were going to be transferred to the new public limited company, and the final list of those enterprises, as well as TENEO social capital and the remaining magnitudes.
The 47 enterprises which were part of TENEO were those which were profitable, currently or potentially, with the capacity to be financially autonomous and for competing in the market on equal terms, without the need of resorting to State aid. These enterprises, operating in industries with a future, such as energy generation, air transport, electronics, telecommunications, or aerospace, had a total turnover per year of more than one and a half billion pesetas, of which almost half a billion pesetas came from the sales in foreign markets and with a workforce of around 80,000 employees.
Four years later, the Council of Ministers of a new government, on June 28th, 1996 took the decision of dissolving this State-owned entrepreneurial group; which was agreed on TENEO's General Meeting which took place on July 5th, 1996, as well as the transfer of the balance of this company to its sole shareholder at that time, the Sociedad Estatal de Participaciones Industriales (INI had already disappeared on June 1995).
The materialization of this dissolution agreement, including the transfer of the liabilities and assets to SEPI took place on September 16th of that year, with the signing before a Notary of the public deed. At the time of its dissolution, TENEO had a net asset amounting to 2.956 Billion Pesetas and a capital of 680,000 Million Pesetas, with a positive consolidated result in 1995 of 71,000 Million Pesetas.
Enterprises which made up the TENEO Group
- With a shareholding of more than 50%:
- With a shareholding of less than 50%:
ALMAGRERA, AUXINI, AVIACO, COFIVACASA, TRASATLÁNTICA, ADARO, ARTESPAÑA, ENDESA, INITEC, ENUSA, ENDIASA, ENSA, FÁBRICA SAN CARLOS, IBERIA, INFOLEASING, SODIAN, SODIAR, SODICAN, SODICAL and TGI (transferred by INI on the very moment of its incorporation).
AUTOMOCIÓN 2000, BWE, CASA, ENCE, ELCANO, INISEL, INESPAL, INFOINVEST, POTASAS DEL LLOBREGAT, SODICAMAN, SODIEX, SODIGA and SURIA K (transferred latter and up to December 31st, 1992).
AGENCIA EFE, ACESA, ARESBANK, BANCO EXTERIOR, CABOEX, ENISA, ENRESA, HISPASAT and REDESA (transferred on the very moment of its incorporation).
ALUMINIO ESPAÑOL, FOCOEX, INI MEDIOAMBIENTE, PHOSBUCRAA and EXHIBIT (transferred latter and up to December 31st, 1992).
Chairmen of TENEO
Francisco Javier Salas Collantes (July 14th, 1992 to June 12th, 1996)
Pedro Ferreras Díez (June 12th, 1996 to July 4th, 1996)