March 7, 2021

El Corte Inglés negotiates to buy the shares of Dimas Gimeno and his mother for 145 million euros


Madrid

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The board of directors of El Corte Inglés has authorized to negotiate to buy the shares owned by the former president of the group Dimas Gimeno and his mother, María Antonia Álvarez, for 145 million euros. If it materializes, this would mean the definitive exit of the capital of the group of Gimeno and her mother and the end of the power struggle that began in 2018, when the dismissal of Gimeno as president by Jesús Nuño de la Rosa, which one year later he would leave the position to Marta Álvarez.

Dimas Gimeno and his mother still have 5% of El Corte Inglés, since they hold 13% and 9%, respectively, of the IASA equity company, which has more than 22% of the distribution group. The sale price, 145 million euros, according to El Corte Inglés, has been proposed by Gimeno himself. A price that, according to company sources, has seemed attractive and reasonable to the board of directors, which does not need any authorization from the bank to carry out the operation. In addition, it is expected to be executed within a month.

El Corte Inglés will be able to carry out the operation because none of the other shareholders of IASA – the daughters of Isidoro Álvarez, Marta and Cristina, who have almost 70% and his brother, César Álvarez, who has 9% – has made use of its pre-emptive subscription rights for these shares. According to company sources, the daughters of the late Isidoro Álvarez have understood that it is a beneficial operation for El Corte Inglés. According to the same sources, it is not ruled out that This indirect package turns into stocks of El Corte Inglés in the future.

Furthermore, as reported by the distribution group, the board of directors authorizes this operation “provided that the acquisition of these shares is made free of the charges and encumbrances that currently weigh on them.” It should be remembered that Dimas Gimeno and his mother have to pay a payment to the Tax Agency of about 100 million euros in the coming months as inheritance tax.

This announcement comes two weeks after Dimas Gimeno sold its direct shares of El Corte Inglés for 2.5 million of euros and also abandoned the legal battle that started when he was dismissed in 2018. On that occasion, the purchase of those shares was carried out by El Corte Inglés within the plan to buy back shares from employees.

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