Wed. Apr 8th, 2020

Abanca will be the majority shareholder of Pescanova after an agreement with other banks



Abanca will be the majority shareholder of Nueva Pescanova, with 80.46% of the shares, after agreeing with Caixabank and Banco Sabadell to buy its shares, equivalent to 39.8% of the capital of the Galician fishing multinational.

The operation will be formalized “in the coming weeks,” reports Abanca in a statement in which he assures that he is doing it to “safeguard a fundamental company for Galicia.”

Abanca’s plan includes strengthening the financial structure of Nueva Pescanova and its main areas of corporate and commercial activity, he details in his note.

In accordance with his plan, Abanca will retain a “significant stake” in Nueva Pescanova’s shareholding to advance in the search for an industrial partner that will allow the construction of “a long-term value project in Galicia”.

The objectives of this operation include “returning decision-making bodies to Galicia” and reinforcing Abanca’s support for the industrial-sea complex.

Abanca recalls that in recent years its participation in the shareholding of Nueva Pescanova has been gradually increasing, from the initial 5.465% to 40.66% prior to this operation that has just closed with Caixabank and Banco Sabadell.

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