The Amodio family, benchmark shareholders of the Mexican conglomerate Caabsa, has notified the regulatory body of the purchase from the Juan Miguel Villar Mir corporation of shares representing 16% of the company’s capital and the irrevocable agreement reached to buy another 9% before the November 22th. In this way, they already have a 25% stake in OHL, a percentage that makes them a new reference partner to replace the Villar Mir group, founder and historical shareholder of the construction company.
In their notification, the entrepreneurs detail that they have taken the participation through two instrumental companies, Forging Capital and Solid Rock Capital, collects Europa Press.
They also indicate that the sale and purchase agreement agreed with Villar Mir on May 20 closed on the 25th “because it was subject to suspensive conditions that were lifted at the time.”
On your side, the Villar Mir corporation announces the reduction of its participation to 14.64% from the percentage of 33.3% that it had in the company once the sale of 16% to Mexicans materialized. However, this participation will be reduced to 5.64% when the Amodium exercise the purchase option of the additional 9% agreed. Villar Mir has this stake in OHL through the company Inmobiliaria Espacio.
OHL must restructure its board
After closing the transaction, OHL must restructure its board of directors, in order to give entrance to Aztec entrepreneurs. It is the circumstance that the construction company addresses these changes on the eve of its general shareholders’ meeting, called for June 15.
The Amodios come to OHL with a vocation to stay and take over its management. Specific, aim to “return OHL to the path of viability, reactivating its financial capacity and business prestige, and making transparency and integrity permanent values to unleash its full potential in the market. “
Mexicans disembark at the company as it completes the restructuring and sanitation plan that it undertook in 2013 and which has led it to undertake a cascade of divestments and close the last three years in ‘red numbers’.
At the moment, the OHL titles continue to trade below the amount of 1.10 euros per share that the Mexicans have paid Villar Mir for the first 16% of the company and, therefore, of the 1.20 euros committed to take the other 9% agreed.
In fact, the construction company has been trading below the euro level per share since the beginning of last March, when the collapse of all the stock markets began due to the spread of the pandemic. This Wednesday it is close to 0.7 euros per share.
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