Investment funds formalise Celsa takeover, reorganise management

A group of investment funds formalised the takeover last week of Spanish steelmaking group Celsa. The funds represent the main creditors of the company and were given the green light by a Spanish court earlier in September to take over the majority of the company.

Deutsche Bank, SVP, Cross Ocean, Anchorage, Golden Tree, Attestor, Goldman Sachs, Sculptor and Capital Group are among the banks and funds included in the new ownership group.

Following the formalisation of the takeover, the new owners have selected a new chief executive for the group: Jordi Cazorla Pujalte. The executive is expected to take on the new role from 2024 and will replace Francesc Rubiralta.

Rubiralta represented the family controlling Celsa since its foundation back in the 1960s. He stepped down from his role as Eurofer president earlier this month.

As anticipated by Kallanish, the new owners of Celsa have also agreed to find a local industrial partner to take over a 20% stake in the group. It is understood the deadline to find the industrial partner has been set for mid-2024.

Emanuele Norsa Italy