July 15, 2020

The leaders of companies in ERTE invest 110 million in the stock market during the coronavirus crisis


Directors and executives of companies that have submitted temporary employment regulation (ERTE) files due to the deadlock on economic activity due to the coronavirus crisis have invested nearly 110 million euros in shares of listed companies since the pandemic exploded in March. Spain.

The purchases have been carried out coinciding with the stock market crash caused by the rapid expansion of this unprecedented crisis. A tsunami that has triggered companies’ treasury stock purchases to try to sustain their listing, parallel to an unusual collection of titles by many administrators, managers and people related to them.

More than half of that investment, some 54.5 million, corresponds to operations of the Riberas family, owners of the Gonvarri steel company and the manufacturer of automotive components Gestamp.

According to the records of the National Securities Market Commission (CNMV), the Riberas have allocated 33.8 million from March 9 to April to purchase Gestamp securities through its company Acek Desarrollo y Gestión Industrial SL. This operation adds to the 20.68 million that the group’s president, Francisco Riberas, invested on 11 and 12 March in securities of Telefónica, of which he is an independent director, through his company Halekulani.

Gestamp began to apply the figure of the ERTE to practically all of its 6,000 employees in Spain at the end of March, promoted by the Government to try to stop the destruction of employment due to this crisis. The multinational, with 22 plants in the country, is already gradually resuming its activity in Spain after a hiatus that has forced component manufacturers to reduce their production by 85% due to the collapse of global demand.

Riberas (Gestamp) affirms that they will maintain the level of investments in recent years

The president of Gestamp, Francisco Riberas.

EFE

According to Riberas in a debate by videoconference on Thursday, this crisis will force the sector to “restructure” if demand does not recover quickly. Faced with the falls in global vehicle production that are expected this year, between 20% and 40%, the executive, also president of the Institute of Family Business (IEF), warned that this crisis may fuel relocations of some of manufacturers present in Spain and asked the Administration for an “urgent” sign of support to a sector that, he recalled, helped to weather the 2008 financial collapse.

Los Riberas are the sixth fortune in Spain according to the latest ranking of the wealthy in El Mundo and the first shareholders (15%) of another of the listed groups in the sector that (confirm union sources) has applied ERTE to its staff, CIE Automotive. In this case, there are no operations of the owners of Gestamp since March, but of another of its outstanding shareholders (10%), the Egaña, another of the great Basque fortunes. At the end of March, they invested 6.7 million in titles from the manufacturer of automotive components through its company Elidoza Promoción de Empresas SL. On Friday, that investment accumulated latent capital gains of 7.1%.

The CIE Alba also owns 10% of the CIE, also the first shareholder (19%) of Acerinox, an Ibex industrial group that has applied ERTEs in some of its plants in Spain, and benchmark partners of Parques Reunidos, the Spanish giant of theme parks), which has also been forced to apply ERTE after the forced closure of its facilities.

The owners of Alba are another of the great Spanish fortunes, the March, who have reported, from March 13 to May 20, purchases of titles from their holding company for an amount of about 14.1 million, of which more than half (7.3 million) corresponds to its president, Carlos March.

At GAM, another of the Riberas companies (they have 59%) that has also had to resort to ERTE, highlights the purchase, on March 16, of a 5% package by its president, Pedro Luis Fernández, which became its second shareholder after paying 3.65 million to the Riberas, who also loaned it the necessary funds for it.

Capital gains from the owner of Mayoral

GAM is in the investment portfolio of another of the great Spanish fortunes, Rafael Domínguez de Gor, owner of the Mayoral children’s fashion brand, which has also used the ERTE to face the temporary closure of its stores, union sources confirm. The man from Malaga is another of the billionaires who has taken advantage of the stock market crash to buy securities. Between the end of March and the beginning of April, it invested through its Global Portfolio Investment some 3 million in Masmóvil. On Friday, that investment accumulated latent capital gains of 23.8%.

Domínguez has 8% of the telecommunications operator, which, along with Duro Felguera (where it controls 9.5%) and Laboratorios Rovi (5%), are the ones that are best supporting the coronavirus tsunami among their broad portfolio of significant stakes. in a bag.

This includes other large companies that are also applying ERTE such as Adolfo Domínguez (8.5%) or Miquel y Costas (8,122%). Shareholders and directors of the latter have also been very active in recent weeks, with purchases of securities amounting to more than 2.1 million since March.

Many operations of directors and executives of large companies in ERTE still accumulate significant latent losses. This is the case of another of the great Spanish fortunes, Losa Revoredo, owners of Prosegur, who from March to the beginning of this month have invested some 10.8 million in securities of the private security group.

Even less profitable are the operations carried out in March by managers and directors of two companies that have been led to ERTE by the closure of their activity in Spain, Amrest (La Tagliatella) and IAG, for an amount, respectively, of 3.6 million and 4.8 million. In the group of airlines, the 3.2 million that the president of Vueling and future president of Iberia, Javier Sánchez-Prieto, invited in March 11 (three days after declaring the state of alarm), in titles that today are worth less than half then, given the gloomy prospects of this sector.

Other notable purchase operations of directors and managers of companies that have carried out ERTE in some divisions are those registered from March to now in Ferrovial (for 1.2 million), ACS (1.1 million), Tubacex (about 900,000 euros ), Fluidra (about 700,000 euros) or Applus (670,000 euros).

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