It should be noted that the metallurgical firm’s share package has been under state control since 2021. Likewise, the extension of the term suggests that there is significant interest on the part of different actors in acquiring IMPSA shares.
He Ministry of Economy officially announced through the Official Gazette that the FONDEP and the province of Mendoza They intend to sell IMPSA’s class C share package, The national company specialized in the manufacture of equipment and services for power generation and industry. It also decided to extend the deadline for all interested parties to make offers.
Founded in 1907, IMPSA is involved in the construction of dams, hydraulic turbines, and other equipment related to hydroelectric power. The firm has also worked on infrastructure projects and has an international presence. Its main focus has been engineering and manufacturing technology for the energy sector.
In this context, the official text states that Questions and requests for clarification have been received regarding the information available in the data room for interested parties.“Due to the complexity of some issues, an extension of the deadline for submitting bids has been requested,” the Treasury Department said.
For this reason, “it has been decided to extend the deadline until September 15, 2024 so that all interested parties can make offers and inquire about the legal and accounting situation of the company. The process of selecting the offers will be carried out following rules that guarantee transparency and legality,” he adds.
Implications of the extension of the deadline
- Interest in IMPSA: The extension of the deadline suggests that there is significant interest from different actors in acquiring IMPSA shares, which could indicate the strategic relevance of the company in the sector.
- Due diligence process: The request for an extension of the deadline to carry out due diligence is a sign that potential buyers are carrying out a thorough analysis of IMPSA’s financial and legal situation.
- Investment opportunity: The sale of IMPSA shares represents an investment opportunity for those interested in the industrial sector and in particular in the metalworking industry.
- Role of the State: The participation of FONDEP and the Province of Mendoza in this process reflects the State’s interest in ensuring an orderly and beneficial transition for the company and the economy in general.
The antecedent
At the beginning of July, the national government and its counterpart in Mendoza began the process to divest themselves of the shares of the metallurgical company IMPSA, whose share package had been under the control of the Nation and, to a lesser extent, of the province of Cuyo since 2021, when it was acquired by the Alberto Fernández administration.
At a press conference held at the Government House of Mendoza on those dates, Alfredo Cornejo, and the Secretary of Planning and Management for the Productive Development of the NationJuan Pazo, provided details about the future of the firm and assured that the objective is to achieve its “sanitation.”
The provincial administration specified that the company’s debt currently amounts to US$ 500 million and that they will seek “guarantee the continuity of its operations, which generate more than 700 jobs and feed an extensive network of SME suppliers and, finally, achieve its capitalization“.
Source: Ambito
