IAF, the consortium that was awarded the purchase of Impsa and whose main partner is the American company Arc Energy, requested a deadline until January 31 to manage the support of the metallurgical company’s creditors to restructuring your debtwhich amounts to about US$600 million, as a condition to close the purchase operation.
“In case this condition is met (or IAF renounces it), the parties will proceed to draft the contract for the purchase and sale of Impsa shares,” the Head of Market Relations of Impsa SA, Fabián D’Aiello, informed the National Securities Commission.
“In accordance with the statement from the Ministry of Economy of the Nation, the Evaluation Commission of the offers for the sale of IMPSA, made up of representatives of the National Fund for Productive Development (FONDEP), the Agency for the Transformation of Public Companies and the Province of Mendoza, resolved to recommend the pre-allotment of the IMPSA shares held by the National and Provincial State to the IAF consortium, whose main partner is Arc Energy, this being a legal step required within the framework of the Sale,” he added.
“In accordance with said statement, IAF requested a deadline until January 31 to obtain consents for the refinancing of Impsa’s debt with its creditors and, in the event that said condition is met (or IAF renounces it), the parties “They will proceed to draft the contract for the purchase and sale of Impsa shares,” he concluded.
“Finally, the investing public is informed that the Company is not part of the Sale Process, nor its negotiations, committing to keep the investing public informed of any news that is communicated to it on this matter as soon as possible,” concluded the representative of the former Pescarmona group company.
This Wednesday, 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 to recommend pre-award of the company’s shares held by the national and provincial State to the IAF consortium whose main partner is Arc Energy.
The company is known for his ties to the president-elect of the United States, Donald Trump. It 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.
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%).
IMPSA SA is dedicated to the manufacture of equipment such as turbines, cranes, reactors, supplying the metallurgy, power generation and technology sectors.
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%).
Source: Ambito
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