Bidding for remains of Abengoa enters final stage


The sale of Abengoa’s production subsidiaries is now in its final phase. All that remains is for the judge to make his decision in a process in which four bidders stand out: Urbas, Cox Energy, Terramar and RCP. The fifth bidder in the initial round of bids, Ultramar, has not submitted an improved offer.
With all the documents delivered to the Mercantile Court number three in Seville on 3 March, the interested parties are waiting.

The Seville-based multinational, which brings together its production capacity in some thirty subsidiaries, is expecting to know at any moment who its new owner is.

It is already a matter for the judge. “We don’t know when the decision will be made,” insist the sources. There is no delay in the process: the improved offers, a huge amount of documentation that exceeds 500 pages and in which the interested parties have tried to remedy the doubts of the creditors with their initial proposals, must first be analysed.

Also the doubts of the insolvency administrator must also be resloved. EY, appointed by the courts to carry out this task, pointed out with regard to the first offers that they did not ensure the continuity of the Andalusian company. It pointed out that inaccuracies were detected in all of them and that some of the main creditors, such as Santander, Caixabank and HSBC, were not in agreement with them.

About the Author

The Corner
The Corner has a team of on-the-ground reporters in capital cities ranging from New York to Beijing. Their stories are edited by the teams at the Spanish magazine Consejeros (for members of companies’ boards of directors) and at the stock market news site Consenso Del Mercado (market consensus). They have worked in economics and communication for over 25 years.