ACTIVITYCASA, 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.
|% stake sold||State-owned equity remaining|
|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 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;
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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