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Eutelsat presents/displays a supply by 10.75% of BBVA in Hispasat

This new proposal is added to his bids up by 17.64% of Combines, sale process in which competes with Mediapro. to obtain both Eutelsat packages, that already it has 27.69%, one would take control of the majority of Hispasat

The patio of the Spanish company of satellites of telecommunications, Hispasat follows scrambled. The truce secured in the meeting of the 28 of June between the shareholders allows its president, Petra Mateos, to make decisions for the day to day, but the war by the shareholder control of the company does not have armistice.

Eutelsat, one of the multinational majors of the sector of the space communications and main shareholder of Hispasat with 27.69% of the capital, try to give a nigh raid to take control of a solid majority of the actions.

Sources of this company of French origin have confirmed that have presented/displayed a formal supply to buy 10.75% of the capital of Hispasat that is into the hands of financial organization Spanish BBVA. This proposal is added bids up to it that the own Eutelsat has presented/displayed to the contest abierto by Combines to sell 17.64% of the actions that it has in the Spanish company of satellites. To this licitation, whose date limit to present/display supplies finalized the 30 of June, it concurs, besides Eutelsat, the audio-visual company Catalan Mediapro.

Of significant form Abertis, proprietor of Retevisión (the national network of transport of television signals), has not gone to the process of disinvestment of Combines in Hispasat. With this absence it seems to have been frustrated one tried Spanish solution to the shareholder crisis of the company of satellites.

ABN Love is the financial organization that advises to Combines in the process of sale of its shareholder package.

If the yearnings of Eutelsat are fulfilled and manages to buy the shareholder packages of Combines and BBVA, it would never obtain his hidden intention to reach the majority in Hispasat, since it would happen to control 56.08% of the capital.

Official sources of the BBVA have assured to this newspaper that “we have received a letter of Eutelsat having communicated to us its interest to acquire our package of action in Hispasat, but we did not consider that it is a formal proposal of purchase”.

On the other hand sources near the Spanish bank recognized that “BBVA is in clear selling position within Hispasat since considers that it is a mature investment. Despite it is not a disinvestment that has urgency less some and if it can create tension within the company and cause difficulties to the rest of the shareholders”.

It is necessary to remember that the three Spanish proprietors of Hispasat, Combine, Telephone and BBVA, abrieron to the past summer an audit process to come to the distraction of their respective packages. It combines has been belligerent with his desinversora position, BBVA holds their selling position with conditions, and Telephone it seems determined to remain so far in the company.

Sources of Eutelsat have affirmed to this newspaper that do not understand the opposition that exists to that the multinational can take the majority. “We are the unique company that bets firmly by the future of Hispasat. Others speak but only we are prepared to put the money upon the table”. Eutelsat reiterates its commitment “to maintain the autonomy of Hispasat like bridge between Spain and Latin America”.

Previous authorization of the Government

The shareholder struggle between the propietary public of Hispasat (Inta 16.42%; SEPI 2.41% CDTI 1.65%) and the multinational of satellites of Eutelsat telecommunications, has like basic curtain, two conditioners.

• Eutelsat first presents/displays a supply by 10.75% of BBVA in Hispasat, are the prerogatives of the Government of Madrid to veto any shareholder change. According to article eight of the statutes of Hispasat, the Cabinet must give his “previous authorization” to any change.

• The multinational of French origin, secondly, owns important advantages based on the pact of shareholders that signed in 2001 with the Spanish private proprietors.

• This pact of shareholders gives right of I veto to Eutelsat on the entrance in the capital of organizations that are competing direct of the multinational, on the investments, the election of the delegated adviser or on the increase of capacity. The breach of these prerogatives is punished with serious penalties.

• The price that paid Eutelsat in 2001 to buy its present participation ascended to 255 million with a value of the 100% of the company that surpassed the 900 million Euros.

• Two years later the books of the own multinational of French origin reflected a very important depreciation when fixing the value

(Five Days, 23-07-05)

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