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08.10.2002

Nefinsa acquires 4.88% of Befesa for €21.57 million – Befesa acquires 47.5% of CMA

Terraire, a Nefinsa Group company dedicated to environmental projects, has acquired 4.88% of Befesa for €21.57 million from the Abengoa subsidiary Asa Environment & Energy. The Serratosa family holding, which will now have a seat on the company’s board of directors, has paid €16.3 euro per share, which means Befesa’s global value is now €441.94 million. Company share value dropped 7.98% yesterday to €15 – 7.97% down on the price paid by Nefinsa. Following this transaction, Abengoa is still Befesa’s majority shareholder with 91.48% of the capital. The company has signed an option by which it may buy-back the 4.88% of the capital from Nefinsa within three years at the same price. Befesa says that "the two partners will aim at company optimization, with a policy of maximum pay out – percentage of the result dedicated to payment of dividends – for shareholders".

The Serratosa holding has financed the investment with the sale to Befesa of 47.5% of the Andalusia Environmental Complex (Complejo Medioambiental de Andalucía – CMA), a company dedicated to toxic and hazardous waste management. Befesa already held a 47.5% stake in CMA and has thus increased its shareholding to 95%. The rest of the capital is in the hands of Egmasa, a Regional Government of Andalusia enterprise.

Established in 1998, CMA operates a dump in Nerva (Huelva). The company billed €15.61 million in 2001, a 73.2% increase, and doubled its net profit to €4.39 million.

Befesa has indicated that the acquisition will allow it to "commence the integration of all its subsidiaries dedicated to industrial waste management, which will result in the creation of synergies, cost savings and increase in efficiency". At the same time, "the number of Befesa shareholders increases while cooperation with the Nefinsa Group is upped to maximum level".

With this transaction, the Serratosa family holding continues its policy of disinvesting in small companies – as it did with the sale of the telecommunications distribution company Nefitel and of 20% of the Coca-Cola distributor Colebega – to concentrate on larger-size companies.

Befesa has obtained an €8.87 million profit attributable to the dominant company during the first 3Qs of the year – 25% less than for the same period the previous financial year. Its consolidated billing has increased 19% to €302.27 million.

Abengoa and Egmasa join forces to treat wastes

Abengoa, through its subsidiary Befesa, and the Regional Government of Andalusia, through its public enterprise Egmasa, have signed an agreement to establish a fifty-fifty company to manage different waste recycling and disposal projects throughout the autonomous community.

The agreement includes Befesa’s participation in managing the waste inerting plant in Palos de la Frontera (Huelva). This facility treats extremely hazardous wastes.

Befesa is to contribute €3 million to company roll out. The company will develop hazardous waste management, preparation of replacement fuels, used tire and scrap vehicle management, research projects focused on recycling, recovery of photograph development fluids and inert waste valorization activities, among others.

Befesa’s global investment in this project will be €30 million.

The agreement between Befesa and the Regional Government of Andalusia’s public enterprise includes coordination of their respective environmental management facilities.

Last year, Befesa managed a total 985,000 tons of industrial waste, of which 63% was subjected to recovery and recycling processes, and 87% to inerting and disposal.

The company generated 270,000 MW/hr. of annual electricity, according to its chairman Javier Molina.