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Gobierno de España - Ministerio de Hacienda y Función Pública

Privatization file:CASA

Image of CASA
CASA

ACTIVITY

CASA, the first company of the Spanish aerospace industry, has developed a technological and production capacity which allows it to compete in the aerospace international market.
State-owned equity remaining
% stake sold State-owned equity remaining
99.28% 5.5% (EADS)
Deals
Type of deal Buyers Date SEPI CCP's report Government approval
Integration within an European group 26/11/1999 Feb. 2000 31/03/2000

ACTION ON CASA

Along 1987 and 1988, within the framework of the negotiations for the creation of a public limited company from the Airbus Consortium (an Interest Economic Group according to the French legislation), CASA's partners (Bae, ASM and DASA) and Fimmeccanica showed to SEPI their interest in taking part in CASA's privatization.

At the end of May 1999, SEPI took the decision of selecting DASA's offer, signing on June 11th a Memorandum of Understanding (MOU), that was developed until September for preparing the final agreement.

On October 14th, the Agreement DCX/Lagardère/SOGEPA over the merger of DASA and of ASM was signed. From that moment on, SEPI decided to adhere to this agreement, using as its negotiation base the document which was on the point of being signed with DASA.

On December 1999, it was signed in Madrid the merger of CASA, DASA and Aerospatiale in the European Aerospace and Defense Company (EADS), a merger which with regard to CASA had already been approved by SEPI's Board of Directors on November 11th, 1999.

From that moment, a work structure was defined among the partners for the incorporation of EADS. At the same time, it was created the company from the Netherlands EADS N.V. for the purpose of integrating the business of ASM, CASA and DASA. Thanks to these agreements, SEPI had 6.25 per cent of EADS' capital.

On July 2000, EADS was listed in the exchange market through a capital increase of around 2,500 million euros and the sale of old shares, so that the following shareholding structure was reached; Sogepa (15 per cent), Lagardère (11.10 per cent), French banks (3.90 per cent), DCX (30 per cent), SEPI (5.42 per cent), exchange market (34.58 per cent).

In April 2000, Finmecanica, an Italian company, reached an agreement with EADS, so that it achieved not being left out of the European integration process.

Amongst the advantages for CASA which result from the implementation of the Industrial Plan it is worthwhile to highlight the following;

  • The Industrial Plan will provide CASA with a bigger amount of work and will entail a significant increase of the number of jobs in its works for the Airbus consortium and in the business areas of aircraft, military transport, space and helicopters.
  • CASA will consolidate its leading position in EADS with regard to carbon fiber, in marketing and in the sale of military aircraft, in the new activity of pilot training and in the new division of Military Transport. The integration into EADS will also make possible CASA's development into other business in the field of defense systems.
  • The above aspects are warranted by CASA's partners in EADS, and additionally by SEPI's presence in the alliance's Board of Directors, since SEPI has veto rights over possible significant changes in the Industrial Plan.

    EADS is a leader in the European fields of civil aircraft, helicopters, space launching vehicles, satellites and missiles. It has a big staff made up by 89,000 workers, a turnover of about 19,800 million euros and is listed in the financial markets of Frankfurt, Paris, Madrid and Amsterdam.

    With its merger into EADS, CASA achieves the following;

  • To make sure CASA's adequate long-term participation in the European aerospace and defense industries.
  • To strengthen its technological, commercial and for attracting business position in new programs.
  • To assign to CASA responsabilities within the consolidation of the industry within its areas of excellence (military transport and carbon fiber).
  • Agreement with trade unions in 1999

    Memorandum signed on December 12th, 1999 amongst SEPI and the federations of metal industry of CC.OO. and UGT, to which later adhered the Syndical Sections of CC.OO., UGT and ATM (Technicians and Managers Association) of CASA, within the framework of merger of the business of Daimler-Chrysler-Aerospace AG (DASA), Aerospatiale-Matra (ASM) and Construcciones Aeronáuticas, S.A. (CASA) in the new company EADS N.V.

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