Parpública received expressions of interest from eight national and international candidates for the reprivatization of Efacec. After the pre-selection, the submission of binding proposals begins.
“Following the new Reprivatization Process of 71.73% of the share capital of Efacec Power Solutions, SGPS, SA, Parpública – Participações Públicas (SGPS), SA informs that it has received, within the established deadline, expressions of interest from eight national and foreign entities”, indicated, in a statement, the company.
According to the note, following the pre-selection, the phase of presentation of binding proposals by potential interested parties will begin.
The deadline for submitting proposals ended this Monday.
On the 28th of October, the executive announced that the sale of Efacec to the DST group was not completed “given that all the necessary conditions for the implementation” of the sale agreement had not been met. On the same day, DST underlined the commitment of all parties involved in the purchase of Efacec, noting that it was not possible to verify the conditions for the company’s sale agreement”.
On November 21, a Council of Ministers resolution published in the Diário da República ended the process of selling Efacec shares to DST, defending that “the best solution to achieve the objectives defined for this direct sale is to conclude this process, starting now to prepare a new process, through articulation between the Ministry of Finance and the Ministry of Economy and the Sea”.
“At the same time”, and “considering the evolution of the economic and financial situation reported by Parpública – Participações Públicas, SGPS, SA and by Efacec, according to the documentation sent by Parpública on the reprivatization process that took place”, the resolution determined that it was ” considering the adoption of restructuring measures with a view to maintaining the group’s operating value and enabling conditions for the said sale to be made feasible”.
The diploma also established that Parpública “propose restructuring measures to the Government, including possible solutions, duly evaluated, and, if applicable, the respective legal instruments, which prove necessary for the completion of the sale, even if concomitant with it, in order to enhance the value of the company, optimizing the financial effort of the State, and which may result in adaptations to the structure of the final transaction to be carried out”.
The Government also authorized Parpública “to ensure the maintenance of the company’s activity, namely in terms of treasury support, to enable the conditions that allow the reprivatization operation to be carried out, providing it with the respective financial means in line with the information” that presented.
Finally, the executive determined that, “until the physical settlement of the purchase and sale to be carried out in the direct sale, the Council of Ministers may suspend or annul the reprivatization process, provided that reasons of public interest justify it”, adding that, in this case , “potential bidders are not entitled, for any of these facts, to any indemnity or compensation, regardless of their nature”.