ACTIVITYThrough its alliance wit Arbed, ACERALIA Corporación Siderúrgica is Europe's first steel producer and the third in the world. Its product range has as destination the main productive sectors.
|% stake sold||State-owned equity remaining|
|Type of deal||Buyers||Date SEPI||CCP's report||Government approval|
|Private sale (bid)||Arbed||28/07/1997||Jul. 97||01/08/1997|
|Private sale (bid)||Gestamp y Arisrain||28/10/1997||Nov. 97||07/11/1997|
ACTION ON ACERALIA
SEPI's actions in Aceralia for its privatization focused on the search of an international technological partner, the inclusion amongst the shareholders of Spanish industrial groups and the preparation of an IPO which made possible Aceralia's access to the stock markets.
The operation was implemented in three stages;
First; selection of a technological partner (July 1997)
The first stage of the privatization process concluded with the selection of Arbed as the technological partner, which acquired through a capital increase 35 per cent of Aceralia, which in its turn bought a 9.5 per cent participation in the Arbed Group and stakes in a number of Arbed subsidiaries. The strategic alliance executed among Aceralia, Arbed and SEPI implies the implantation of the Industrial Plan included by Arbed in its offer, with the commitment of carrying out industrial investments for the amount of 782 million euros in five year period.
Arbed's Industrial Plan for Aceralia (1998-2000):Commitments in the Plan to be singled out:
The actions envisaged in the Plan are as follows;
Second; entrance of other industrial partners (November 1997)
Later on, two important Spanish iron and steel groups entered as accompanying partners; the first, the Aristrain Group, which acquired 10.8 per cent of Aceralia (another 0.4 per cent was directly acquired by Mr. José María Aristrain), while at the same time Aceralia acquired all the shares of the Aristrain Group, and Gestamp, the owner of the Gonvarri Group, which acquired 1 per cent of Aceralias' shares.
Third; IPO (registration in the CNMV on November 21st, 1997)
Aceralia's privatization was concluded when its remaining shares (52.8 per cent) were first listed in the stock market, which was carried out in December 1997 through a very successful IPO.
On February 19th, 2002 Arcelor, integrated by the Spanish Aceralia, the French Usinor and Arbed from Luxembourg began being listed in Madrid's Ibex-35, replacing Aceralia. For the time being, Aceralia will continue being listed in the stock market, although outside the Ibex-35.
Agreement with the trade unions in 1998
Agreements signed on June 8th, 1998 among SEPI and the Federations for Steel of CC.OO. and UGT and Aceralia, regarding the employment in Aceralia Group of the redundant staff from AHV with the aim of promoting the search and creation of alternative employment.
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