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Gobierno de España - Ministerio de Hacienda y Función Pública

Privatization file:ALDEASA

Image of ALDEASA
ALDEASA

ACTIVITY

Created in 1974 for the exploitation of the ports and airports duty-free shops, its corporate capital was shared, before its privatization, between the State (80 per cent) and Tabacalera (20 per cent).
State-owned equity remaining
% stake sold State-owned equity remaining
80% 0%
Deals
Type of deal Buyers Date SEPI CCP's report Government approval
Institutional IPO (SEPPA) 24/07/1997 July 97 01/08/1997
Specific agreements (SEPPA) July 98 31/07/98
IPO Retail Airport Finance, S.L. 01/04/2005

ACTION ON ALDEASA

Institutional IPO (1997):

The IPO was made through a listing in the stock market directed only to institutional investors, both domestic and foreign, plus a tranche for employees, which together oversubscribed the offer almost ten times. SEPPa established the price of the share in 19.65 euros.

Tabacalera increased its participation up to 30 per cent, and the deal generated a gross income of 270.45 million euros. The green-shoe option of the insurers syndicate was exercised only in part, so a part of the capital remained in the hands of SEPPa.

Process followed for the sale of Aldeasa´s shares (2005):

In 2005 three initial public offering bids were submitted for the acquisition of Aldeasa’s shares. In the end, SEPI, which owned 1,063,636 shares (5.06%), accepted the last one, submitted by Retail Airport Finance, dated on March 21st, 2005.The deal was approved by Spain´s Securities Exchange Commission (CNMV), on March 23rd, 2005, and its price amounted to 36.57 Euros per share.

The decision taken by the Board of Directors of going to the IPO meant for SEPI a gross income of about 39 Million Euros. As a result of this deal, SEPI sold all its participation in Aldeasa. The Initial Public Offering on the totality of Aldeasa´s social capital (21,000,000 shares) ended successfully, on Monday April 18th, 2005. As was envisaged in the IPO´s brochure, Retail Airport Finance became the holder of 95.89% of the social capital of Aldeasa, which means 20,136,655 shares, thanks to the above mentioned IPO and to the transaction carried out by Altadis, which transferred to Retail Airport Finance the totality of the stake which it had in Aldeasa (7,262,336 shares) and, at the same time, it acquired in Retail a 50% participation.

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