IAG-Iberia, by "conviction" or "obligation", will remain European "and Spanish"
In the face of doubts about the 'brexit', he argues that he has legal means so that the majority of his shareholders and capital are European
Silent alarm This is how one could define the situation generated in the 'holding' IAG, which includes airlines Iberia, Vueling, British Airways and Aer Lingus , given the possibility that following a sudden departure from the United Kingdom outside the EU the group ended up losing its European character and, with this, its business capacity in community territory was restricted. However, within the multinational defend having done their homework in this negative scenario.
"We are convinced that IAG - will remain Spanish " and, by extension, European. This week, sources of the group showed that, apparently, they show relative tranquility. They know that the last word will be given by the community authorities, although they recall that since the beginning of their career in 2011 "their social and fiscal headquarters are in Madrid", although they have another in London, and their airlines "have operating certificates established from the start of its operations and supported by solid businesses in Spain, Ireland, the United Kingdom, France and Austria ».
These last two countries are territories of Air France and Lufthansa , which would explain that, according to sources of the sector, from the environment of both is "insisting" in Brussels to review "with magnifying glass" the corporate structure of IAG and, in minor measure, that of other companies in a similar situation such as Ryanai r and Easyjet . In Spain, Air Europa would also benefit from eventual operational restrictions on Iberia, its great rival of the long radio - where the group presided by Juan José Hidalgo will increase its offer of seats by 8.5% - and, above all, on the routes of the South Atlantic, where both compete with British, French and German flag airlines, as well as South American ones.
But what is the problem? Well, one thing is the economic rights of a company and another social rights . They usually go together, but not always. And an example, now controversial, is Iberia. In its case IAG controls 90% of the former, and in it in turn dominate extra-community shareholders, while a meager majority of the latter resides in the hands of Garanair, a Spanish company owned by El Corte Inglés after it acquired in April of 2018 the majority shareholding of Bankia (87%).
Neither the commercial group nor the bank are already shareholders of IAG, which is the one that really makes decisions about Iberia. The first had almost 2% of the capital and the second another 12%, but both sold their shares in 2013 with a total capital gain of 213 million euros. The only Spanish partner that follows is the State Industrial Participation Company ( SEPI ), but only with 2.7% that is inoperative.
The long hand of Qatar
Therefore, the ownership of IAG - the third largest air group in Europe after Lufthansa and Air France-KLM, and sixth in the world by turnover - would be in foreign hands, and the majority outside the EU. The first shareholder is Qatar Airways , the airline with the 21.5% - it is also the third partner (9.6%) of the largest Asian airline, Cathay Pacific, while it controls the veteran Italian_Meridiana-, twice the share (10%) held by a subsidiary of Capital Group, a global giant of pension fund managers.
They also appear with their own name among the partners of the 'holding', although with smaller stakes, half a dozen Anglo-Saxon investment funds led by Europacific (5.3%), Lansdowne Partners (3.6%) and Blackrock (3.4%). ), one of the new kings of the 'brick' in Spain. They are followed by the British insurer Standard Life and the German bank Deutsche Bank, both with close to 3%.
This structure can change, even almost diametrically, if the dreaded 'brexit' is finally materialized , since in Brussels they demand that both ownership and control of the airlines with licenses to operate within the territory of the EU are in the hands of a company resident in its partner States. Sufficient 50.01% in both cases, but demand "a full compliance with the requirements", which a priori would not occur in IAG and, by extension, in Iberia.
The relief, although only temporary, is that the draft of this new European regulation grants a deadline until October 27 of this year, seven months after the departure from the United Kingdom. That is why IAG have not yet activated the legal mechanisms they have to meet these conditions.
From suspend to alienate
It is the part that IAG sources refer to as "obligation", if the "conviction" ends up failing. The Article 11 of the statutes of the matrix of 'holding' Anglo - Spanish would be the means to do so, then picks up the legal response "if the board considers it necessary to take measures to protect a right of exploitation" in this case licenses of flight within the EU.
To this end, "affected shares" would be considered as those whose owners were not from the European Union, and could be limited, although their minimum could not be lower than 40%. They can "suspend their voting rights and other political rights", in which case the affected partners would have 10 days to "sell" those shares, that is, sell them to another if they comply with the conditions of nationality.
And if that did not happen, IAG would be entitled, "by decision of the board", to acquire them for a price that would be the lowest of what would result between their theoretical book value according to the last audited balance of the group and the average market price of the securities. However, all these decisions of the administrative body can be appealed and thus open a long legal battle.
The Ministry of Development , an interlocutor with Brussels for IAG, has already received a "Spanishness plan" from Iberia, analyzed by its technicians. And he believes that "it will not have problems to meet the conditions" -the same message that the airline has transferred to its staff-, although the negotiation has not ended.
No comments:
Post a Comment