The call for bids was published today in the Official Gazette, offers will be received until October 31.
Currently, the national and Mendoza governments hold a total of 84.9% of IMPSA’s share capital.
He Ministry of Economythrough the Production Coordination Secretariat, which conducts Juan Alberto Pazopublished in the Official Gazette on call for national and international public bidding for the sale of 100% of the class C (state) shares of IMPSA. The period for submitting offers is open from October 1 and closes on October 31.
In this way, after publication in the Official Gazette, the National Productive Development Fund (FONDEP) and the province of Mendoza, that own 63.7% and 21.2% of the share capital, respectively, officially put up for sale all of their class C shares of IMPSAwhich represent 84.9% of the share capital.
As detailed, the tender is open to third parties and current shareholders who acquire the specifications and comply with the established conditions. The sheet can be purchased for $1,000 at the Autonomous City of Buenos Aires and offers must then be presented. The presentation of offers will take place until October 31 and the opening will be that same day, at 5 p.m.
Specifically, The capitalization process of the company, through an offer for the shares that are in the hands of the public sector, will be the first step to clean up the company that faces debts of US$500 million and a monthly loss of more than US$2 .5 million.
For the moment, the American company ARC Energymade the first formal offer to acquire full control of IMPSA. The truth is that, with the public bidding process now open, this offer must be publicly known so that others can improve it.
According to the Government, There are also three other interested parties in the metallurgical company: a national economic group, another of German origin and a third of Brazilian capital.
Previous step
Last Tuesday, the Legislature of the province of Mendoza approved the transfer of IMPSA shares and that paved the way for the national government to also be able to sell its shareholding. If it comes to fruition, IMPSA would effectively be the first company that Javier Milei’s Government would manage to privatize.
IMPSA is one of the most important companies in Argentina in the metallurgical and energy sector, with key participation in hydroelectric projects, wind farms, nuclear energy and equipment for the oil and gas industry.
In 2021the government of Alberto Fernandez decided to nationalize it, in an attempt to save the company from bankruptcy and preserve the more than 700 jobs it generated. At that moment, the national state acquired 63.7% of the shares, injecting US$15 million to maintain operations, while the province of Mendoza contributed another US$5 million to ensure its participation in the share structure.
Source: Ambito
David William is a talented author who has made a name for himself in the world of writing. He is a professional author who writes on a wide range of topics, from general interest to opinion news. David is currently working as a writer at 24 hours worlds where he brings his unique perspective and in-depth research to his articles, making them both informative and engaging.
