Celsa’s creditors make plans for takeover

The group of investment funds that could soon take over control of Spanish steelmaker Celsa have started attending meetings with authorities and trade unions to plan the future of the company.

This week they met with USOC, one of the largest trade unions in the area of Barcelona. During the meeting they stressed that a swift takeover was envisaged. They also said the person in charge of this transition will be Rafael Vilaseca, chosen by the funds as future president of the board of Celsa. Vilaseca is an executive with long-standing experience in the gas, energy and steel sector.

The Spanish press has also noted that the Rubiralta family, the current owners of Celsa, is still evaluating possible moves to appeal the latest court decision, but the options are very limited.

The next stage would be for the investment funds to present the request to take over the company to the Spanish government. The move needs to be approved by the authorities following a recent law regarding takeovers of strategic national company assets by foreign entities, Kallanish notes.

Emanuele Norsa Italy