Banco Santander and the KKR fund have received the rescue plan from Abengoa’s small investors . It is a first contact between the parties, as finances.com learned from sources familiar with the event.
Abengoashares requested meetings with all those involved in the restructuring of the group and the same sources indicate that they have received the first responses from the protagonists of the plan, “although it is a very preliminary approach and contact.”
The battery of calls also goes through the ICO , banks, Cesce , bondholders, suppliers and the Junta de Andalucía . In them, the minorities facilitated their plan of salvation called ‘ New people, new Commitment ‘ and the answer was the same: “We will analyze the alternative .”
Santander and KKR, top shareholders of the new group
The involvement of the entity chaired by Ana Botín and that of the venture capital fund in Abengoa is direct. Due to their position in the stock, in the case of Santander, and their volume of debt acquired and committed to the rescue, by both actors, they place them as the maximum shareholders of the future Abengoa.
It is estimated that the participation of both could exceed 60% of the capital stock of Abenewco 1, the future new parent company and subsidiary that will receive the rescue, so that an increase in the participation of minorities implies a reduction in the weight of the bank and the fund .
The commitment of both Santander and KKR to the viability of Abengoa is very high with hundreds of millions of euros at stake and both actors insist on not taking any false step and having the situation fully tied up given the complexity of the restructuring.
The role of banks in Abengoa
Financial sources comment that banks and investment funds, given the situation caused by Covid-19, are very cautious at the moment when launching any type of help to a company that does not offer clear visibility into the future.
The fear of the sector is to end up betting on a company that in the end does not finish starting in the best conditions when that and more capital could be allocated to other companies that give more visibility and security .
Despite this, Abengoa would have closed 250 million from the ICO with the support of all the banks of the IBEX 35 , except Sabadell , plus Credit Agricole and 300 million euros in guarantees from Cesce.
Abengoashares remains cautious
From the minority shareholders platform, they maintain prudence regarding the holding of these contacts and their “feeling” is that “everything will depend on the extraordinary shareholders meeting on December 21, unless a major event occurs before that date”.
Abengoashares sources say that most of the “seniors involved” in saving Abengoa “are waiting to see what happens in December before launching any official communication on our strategy”. The minority discount that if they manage to mobilize the shareholders of the company again they will achieve the victory again to place their independent directors at the command of the Sevillian.