OHLA asked Atitlan to expand its offer to influence other investors

Business crisis

Atitlan withdrew its capital increase proposal on Monday

Design COOLcontrolled by brothers Amodiusannounced on Monday that he was withdrawing his offer Atitlan Investment Fund to enter your capital through two extensions, when the term granted to the company by the vehicle expired because “no agreement was reached.” Sources familiar with the situation claim that the company’s executives did not meet with the fund, but asked for an extension of the term granted, which it refused, as it understood that it was being used to obtain more favorable offers from others. investors.

The Company confines itself to referring to its relevant event yesterday, which states that “the Board of Directors of the Company has agreed to request certain clarifications on the Proposal from Atitlan in order to be able to accept the agreement, placing itself at its disposal to support conversations which were suitable for this purpose, and to be able to choose between the various existing options,” but it is not specified whether these conversations took place or not.

OHLA is looking for investors who will invest at least 100 million euros in increase of capital try to balance your balance against the pressure dutywith maturity dates bonuses in the amount of 412 million euros – 50% in March 2025 and the remaining 50% in March 2026 – to which must be added a further 60 million bank loan, which also matures on the first of these dates.

The Atitlan Foundation, which is managed by Roberto Centeno Jr. (son-in-law Juan Roig), proposed to make two increases: the first of 75 million, to which the fund would subscribe in full, and the second of the same amount with preferential subscription rights, in which all OHLA shareholders could participate in their respective percentages, including his own. below after entering with the first increase. To this proposal the fund was added Stone Shielddirector Felipe Morenesson Ana Botin.

Atitlán wanted to have at least the same shareholding as the Mexicans Amodio (they currently own 26%) and to participate in the management of the company. With this offer, he intended to strengthen OHLA’s capital beyond what had been announced and, in addition, to solve the problem controlsince the above mentioned brothers hold the positions of executive president (Louis) and executive vice president (Julio Mauricio) since the resignation of the general director (Jose Antonio Fernandez Gallar) a year ago. A situation that is not pleasing market no to creditorsaccording to sources.

Thus, the operation included dilution Amodio’s share in the capital to about one-third and the loss of the absolute power they currently wield in the construction company. It is logical that they would prefer an alternative that has fewer negative consequences for them. However, keeping the Atitlán offer in place gave them an important advantage in negotiations with other potential interested parties, which explains why they asked the fund to extend it again (it has already been extended by a week compared to the original deadline).

Centeno refused to do so, so yesterday the talks were announced to have broken down. OHLA assured that it “continues to work on the remaining existing alternatives to protect social interests.” Among them is an offer from a Mexican real estate company. Coapa Larcabut he is only offering 25 million, with the rest to be paid by current shareholders.

Other sources claim he is also in talks with a prominent Catalan businessman fighting for independence. Jose Elias NavarroThe president Audax Renewable Energy and the owner of the frozen Mermaidand also a guarantor Joan Laporta in that BarcelonaThere are also many doubts about his economic ability to handle this operation, since his investments do not bring in much income, and he always makes them. using borrowed funds (based on debt).

Sale Canalejas

OHLA also intends to balance its balance sheet by selling assets such as its subsidiary. services (Ingesan) or the pearl in the crown, complex Center channels Madrid, where the company owns 50%. But this sale, the only one capable of providing sufficient income to pay off the debt with guarantees, is very far from being completed due to the high price the brothers are asking: about 850 million for 100%.

“Nobody is willing to pay anything close to that amount. Moreover, everyone knows that OHLA is desperate, so they will make throwaway offers,” sources consulted explain.

So after the break with Atitlán, those in charge of OHLA will have considerable difficulty raising even the 100 million from the announced capital increase. And with the current proposals, they will probably need more than one investor to do so, not to mention that the Amodio brothers will have to put up more money – they have announced that they will contribute 26 million if the Coapa Larca option is implemented – despite the fact that they are accumulating significant losses with his investment in the company founded by the recently deceased Juan Miguel Villar Peace.