The English Court opens its shareholders for the first time to someone outside the family owners.
The English Court opens its shareholders for the first time someone outside the family owners.
The sovereign fund of Qatar, Qatar Investment Authority (QIA), reached an agreement to take over 10% of Spanish distribution group for 1,000 million euros. The transaction is valued makes the company led by Dimas Gimeno at 10,000 million euros.
According to the company said through a statement, the agreement is “intended to be permanent” and support the “development Strategic group “. The acquisition was made through an instrument convertible into shares in three years.
The movement input of a new international shareholder forms part of a plan to boost the international expansion of the Spanish company. So far, only present in Portugal, after the fiasco of plans to enter Italy. QIA was already present in Spain by Iberdrola, which owns 6.2%, and is the first individual shareholder.
The background becomes, thanks to this agreement, the second largest shareholder of the company, behind the Ramon Areces Foundation, which owns 35 percent.
Behind QIA are Dimas Gimeno, the current president, and the sisters Martha and Cristina Alvarez Guil, daughters of Isidoro Alvarez, president of the company history . Each has 7.5 percent.
The company turnover in 2013, the last year data, 14.292 million euros, 1.8% less than a year earlier. In addition, it increased 6.2% profit, to 174.3 million euros.
The English Court is the main group of stores in Europe, second only in the world by Sears and Macy’s, both of US origin.
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