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Gobierno de España - Ministerio de Hacienda y Función Pública

Privatization file:AUXINI

Image of AUXINI
AUXINI

ACTIVITY

Currently, Auxini, S.A. is integrated into the building business of the Grupo ACS. Industrial and electrical production works, maritime works, building and road building are some of its main fields of activity.
State-owned equity remaining
% stake sold State-owned equity remaining
100% 0%
Deals
Type of deal Buyers Date SEPI CCP's report Government approval
Joint operation OCP Construcciones 01/02/1996 May 1997 06/06/1997
Call option OCP Construcciones 21/03/1997 May 1997 06/06/1997

ACTION ON AUXINI

On February 1996 it was closed the sale to OCP Construcciones of the 40 per cent of the shares of Auxini's capital which belonged to TÉNEO.

In 1997 it was opened the sale process over the 60 per cent which still was in the hands of TÉNEO to third parties not related with OCP Construcciones, which had a preferential right to buy them.

As a result of the contacts established by the external advisor SEPI received only one offer, which was considered unsatisfactory by SEPI. This offer established the price of Auxini's capital below the value estimated by the advisor. As a result, SEPI opted for not making the sale and opened a new negotiation with OCP Construcciones its natural buyer, which, by its own decision and probably because it had a call option, had stayed on the sidelines during the sales process.

The negotiations with OCP Construcciones resulted in an acquisition offer of 60 per cent of Auxini, which SEPI regarded as very acceptable, not to mention that in fall within the valuation range estimated by the company's advisor. The execution of the sale was made through a public deed on July 4th, 1997.

In 1997 the Shareholders' Annual General Meeting of OCP Construcciones S. A. and Ginés Navarro Construcciones S. A. approved the merger of both companies, which resulted in the current ACS, Actividades de Construcción y Servicios.

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