Prodi and Mota-Engil acquire 54.66% of Duro Felguera after carrying out the planned capital increases

The Asturian company increases its capital by 91.

Prodi and Mota-Engil acquire 54.66% of Duro Felguera after carrying out the planned capital increases

The Asturian company increases its capital by 91.3 million and receives approval from the CNMV so that the new shares can be listed starting this Friday


The Mexican companies Prodi and Mota-Engil México have taken control of Duro Felguera by acquiring a 54.66% stake after carrying out the two capital increases that both companies agreed to with the Asturian engineering group, according to the information sent by the company. Spanish to the National Securities Market Commission (CNMV).

Both operations have increased the share capital of Duro Felguera by 91.3 million euros, reaching 10.75 million euros, divided into just over 215 million shares with a nominal value of 0.05 euros each.

According to the data reported by Duro Felguera to the supervisor, after executing the respective capital increases, José Miguel Bejos, controlling partner of the Prodi group, has been awarded a 54.66% stake in Duro Felguera's share capital by virtue of the syndication agreement signed with Mota-Engil México.

"Consequently, José Miguel Bejos has control of Duro Felguera," indicates the Asturian industrial group.

In February 2023, Duro Felguera and the Mexican investors Grupo Prodi and Mota-Engil México agreed on loans worth 90 million euros to inject liquidity into the Spanish company and boost its business plan. In October they disbursed the first 30 million and last December, the other 60 million.

It was agreed that the loans would be repaid and capitalized with capital increases, allowing Mexican investors to take control of Duro Felguera with about 55% of the capital (31% the Prodi group and 24% Mota-Engil).

Prodi asked the CNMV to exempt him from the obligation to formulate a public offer for the acquisition of shares (OPA) for the entire share capital of Duro Felguera.

At the end of January, the CNMV Board agreed to this exemption, considering that the formulation of the takeover bid was not required as a result of the percentage of voting rights that said shareholder estimated to achieve through the capitalization of loans.

Duro Felguera informed the CNMV last night of the effective disbursement of the two capital increases agreed with its Mexican partners, with the public deeds of execution of both increases being granted before a notary, one with preferential subscription rights and the other for debt capitalization.

After carrying out these two operations, the share capital of the Asturian group has finally been increased by a total effective amount of 91,303,362 euros. Of this figure, the total nominal amount amounts to 5,958,971.55 euros.

This capital increase has been carried out through the issuance and putting into circulation of 119,179,431 ordinary shares, at an issue rate of 0.7661 euro cents (of which 0.05 euro cents correspond to the value nominal and 0.7161 euro cents correspond to the share premium), of the same class and series as those currently in circulation, represented by book entries.

Precisely, the new shares of Duro Felguera from the two capital increases agreed with its Mexican partners will begin trading as of this Friday after the CNMV approves the file for their admission to trading and the Governing Companies of the Stock Exchanges of Spanish Securities have admitted them to trading.

Thus, a total of 119,179,431 new Duro Felguera shares will begin trading on the stock market from today, with a nominal value of 0.05 euros each.

Duro Felguera has also informed the CNMV that the execution deeds of both capital increases have been submitted for registration in the Commercial Registry of Asturias.

Duro Felguera estimates that the arrival of its Mexican partners to the company will boost the business and multiply its gross operating result (Ebitda) by 19, going from five million euros in 2022 to 95 million euros in 2028.

Likewise, the company estimates that it will multiply its net profit by 13, reaching 64 million euros in 2028, and will increase its sales to 1,015 million euros, eight times more than the 123 million euros reached in 2022, while hiring will increase. will triple, reaching 1.1 billion in 2028.