Corporación Masaveu and Liberbank agree an alliance as EDP shareholders
Yesterday, Tuesday 5th March, Corporación Masaveu and Liberbank reached an agreement to create an alliance in EDP, bringing together their shareholding to form an alliance in EDP, through a joint venture with a significant presence in the Portuguese electricity company (6.18% valued at over 500 million euros), in this way becoming one of the shareholders of reference in the aforementioned company.
The alliance means an increased weight of Corporación Masaveu in EDP, together with Liberbank being able to maintain its presence (indirectly via its participation in the company) in the Portuguese energy group, making this compatible with its solvency and risk concentration objectives.
With this agreement, Corporación Masaveu reinforces its presence in the energy sector and takes on a more relevant position in EDP, a group in which it has been increasing its shareholding position in the past few years, while extending its presence in the governing bodies with the inclusion of Mr Fernando Masaveu, President of Corporación Masaveu, in the board meetings of the Portuguese electricity company and the Spanish companies HC Energía and Naturgas, in which it has a share participation.
From the historical point of view, the group has been a traditional shareholder of Hidroeléctrica del Cantábrico, an Asturian company in which EDP currently has a 96.6% share participation and in which it had a relevant presence in the eighties and nineties, encouraged by Mr Pedro and Mr Elías Masaveu.
The agreement will be developed in several stages starting from the current direct participation of Corporación Masaveu (1.17%) and Liberbank (5.01%). Initially, Liberbank will sell a 0.47% block of EDP to Corporación Masaveu and, in a second stage, both groups will respectively contribute to the joint venture 1.45% and 1.64% of EDP.
Finally, Liberbank will sell an additional 3.09% of EDP to the joint venture, which will go on to hold a direct participation of 6.18% in EDP and in which, in turn, Corporación Masaveu will have a share participation of 52.9% and Liberbank one of 47.1%.
From the socioeconomic point of view, this agreement reflects the commitment and bet of the Spanish investors in EDP, while consolidating the desire to continue with the traditional and solid relationship between the Portuguese energy group and the Principality of Asturias, both regarding the Asturian business world and its institutional scope.
The firm Morteros Tudela Veguín S.A. is constituted as a consequence of the internal reorganisation process undergone by the framework of companies belonging to Masaveu · Industria, integrating Prefabricados Asturianos (PREFASA), Morteros y Hormigones de León (MYHLESA), Galaica de Morteros (GALAICA) and General de Morteros (GEMORSA), for years dedicated to the manufacture of construction products and located in Asturias, Galicia and Castile–León. The new corporate name will become effective on 01 January 2013.
Published 3/7/13