The national government and the province of Mendoza confirmed that the shares of the IMPASA company They will be pre-awarded. Furthermore, the Evaluation Commission recommended that the offer from IAF and its partner Arc Energy be accepted, which, according to the official statement, “will strengthen the Argentine company and guarantee its operation.”
The Evaluation Commission of the offers for the sale of Impsa – made up of the Fondep of the Ministry of Economy, the Agency for the Transformation of Public Companies and the province of Mendoza – resolved recommend the pre-allotment of the company’s shares held by the national and provincial State to the IAF consortium whose main partner is Arc Energy.
IAF offered 27 million dollars as a capital contribution subject to an integration schedule according to the needs of the company and requested a deadline until January 31 to obtain the refinancing of the debt it owes to Impsa’s creditors, which reaches figure of US$576 million. The Commission evaluated the only offer presented for the acquisition of the shares, which significantly improved the conditions of the initial offer.
In its analysis, the Commission concluded that the conditions of suitability, economic and financial capacity of the main shareholders of IAF to comply with the capitalization required were proven. Impsa and its management; that the validity of the surety insurance was maintained to guarantee the offer that was made; and that heIt adapts to the needs of the company so that it is up and running and operational.
IAF must obtain the consent of the creditors for the renegotiation of the debt and if the condition is met, the contract for the purchase and sale of shares and their subsequent transfer will be drafted.
Why is IMPSA privatized?
The capital of IMPSA, a company founded in 1907, It is integrated with three types of actions: class A, in the hands of the Pescarmona family with 5.3%; class B, in the hands of creditors with 9.8%; through separate guarantee trusts, and the class C shares, which belong 63.7% to FONDEP and the remaining 21.2% to the province of Mendoza.
The decision of divesting of shares held by the public sector is aligned with the goal of zero deficit of the national Government and the non-allocation of federal resources to private companies, thus opening the possibility for the company to continue its activity in a healthy manner within a market economy framework. The province of Mendoza expressed its explicit willingness to accompany the decision of the federal government.
IMPSA SA is dedicated to the manufacture of equipment such as turbines, cranes, reactors, supplying the metallurgy, power generation and technology sectors.
ARC Energy was the only bidder when Milei launched the international tender in October to acquire the majority of the metallurgical company’s shareholding. At that time, the national State kept 63.7% of the shares and the province of Mendoza with 21.2%. The rest of the shares are distributed between a fund of creditors (9.78%) and the Pescarmona family (5%).
Privatization of IMPSA: Caputo celebrated the measure
Shortly after the news was confirmed, from the social network X (ex Twitter) the Minister of Economy Luis Caputo celebrated the Government’s measure with a brief message.
“We privatized Impsa. Great teamwork by Juan Pazo, @PALavigne83 and Governor @alfredocornejo,” the minister said in his message, in which he greeted the governor of Mendoza and other government officials.
The link with Donald Trump and the IMPSA debt
ARC Energy is based in Louisiana, United States. The president of the firm is Jason Arceneaux, and both he and two of the company’s directors, who are Venezuelan, appeared publicly as contributors to the campaign of Donald Trump.
According to the understanding reached with the Argentine government, the North American company will make an immediate payment of about US$7 millionwhich represent 25% of its capitalization proposal, which reaches a total of US$27 million.
The rest of the money will be disbursed throughout 2025 with working capital during the search process for new contracts. As it turned out, the new administration will aim to win tenders for cranes for ports and maintenance of hydroelectric plants in the United States.
Another issue that was under discussion and that has already been closed is the possibility of renegotiating the current contracts that Impsa had with the Ministry of Defense, YPF and other state organizations.
Impsa It has a liability that is calculated at US$570 million. Among the main creditors are Banco Nación, the IDB, the BICE, and the Chilean corporation Grupo Moneda. The future owners want to ensure that they will be able to renegotiate those debts to be able to move forward with the operation of the company.
Impsa, which began as Industrias Metalúrgicas Pescarmona, became one of the main Argentine companies in the metallurgical and energy sector, with key participation in hydroelectric projects, wind farms, nuclear energy and equipment for the oil and gas industry. It has a staff of 660 employeeswhose salaries represent around $1.4 billion per month.
Source: Ambito
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