Procesos de privatización

Since the eighties, Spain started the process for the sale of state-owned companies

Among SEPI's competences is that of privatizing the participations which it has in those companies which do not play any strategic role for this State-Owned holding company and which might be regarded as being able to be managed by the private sector.

In its capacity as a privatizing Agent, SEPI applies to each of the privatization processes the following basic principles:

  • Publicity
  • Transparency
  • Competition

In each process the privatization method more suited to the interests and the characteristics of the company involved is applied:

  • Public offer of shares
  • Industrial sale, through a public call for bids
  • Other systems (industrial sale + public offer, auction, other stock exchange deals)

Stages in the privatization processes:

  • Selection of the external advisors (advisor and assessor)
  • Advertisement of the start of the process
  • In industrial sales, requirement of financial soundness in those taking part in the public call for bids, submission of bids with industrial plans and guarantees of meeting those plans
  • Award with the authorization by SEPI's Board of Directors and the Council of Ministers
  • Execution of the sale, through a contract and a public deed

SEPI carries out a follow-up of the execution of the industrial plans during the time they are in force, as well as of the commitments made by the Buyers (investments, employment,...)

Control bodies in the privatizations:

  • Consejo Consultivo de Privatizaciones (Consultative Board for Privatizations). It issues a non-binding previous report about the fulfillment of the publicity, transparency and competition principles.
  • Intervención General de la Administración del Estado (Office of the State Comptroller). It audits all privatizations.
  • Tribunal de Cuentas (Court of Auditors). It audits privatization transactions.
  • The Parliament. Communication of the disposal of more than 10% of the capital.
  • National Competition Commission. It analyzes those processes which might affect competition.