Wednesday, July 6th 2011 - 20:30 UTC

Luxembourg group becomes third largest share holder of Spain’s Pescanova

Pescanova president, Manuel Fernández de Sousa-Faro, decided to sell 5.1% of the company's stake to Luxempart investment group for EUR 29.76 million.

President Manuel Fernandez de Sousa-Faro remains Pescanova main shareholder

As reported by the multinational to the National Securities Market Commission (CNMV), the company from Luxembourg acquired a total of 992,000 shares at a price of EUR 30 per share.

Luxempart is a “strategic investor”, which is listed on the Grand Duchy Stock exchange, stated the Spanish businessman.

After the performance of this operation, Fernández de Sousa-Faro holds, considering direct and indirect shares, 23.03% stake of the company based in Chapela, Atlantico.net reported.

With the percentage acquired, Luxempart becomes the third largest shareholder of Pescanova, behind the president of the multinational and Alfonso Paz Andrade.

In late May this year, Fernández de Sousa-Faro acquired 5% of capital for EUR 31 per share and on June 7, he bought 992,000 shares from Novacaixagalicia for EUR 30 each, raising his stake to 28.13%.

Meanwhile, on June 20, Novacaxiagalicia sold another 4% of its stake in the business for more than EUR 23.3 million (777,866 shares) to Pescanova itself, through an equity swap.

NCG said the decision to reduce its presence in Pescanova responds to the need to implement a recapitalization plan to increase capital and reduce the need for external inputs. The latest Spanish financial reform demands that regional savings banks recapitalize, merge or are absorbed, as decided by the government. (FIS/MP).-

 

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