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Blas Herrero again offers to enter the capital of Duro Felguera

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Businessman Blas Herrero has offered to enter the capital of Duro Felguera (+ 17.02%), after the Asturian company has requested its rescue from the Spanish Government.

In statements made to diario.es, Herrero commented that "It is an operation that I have never denied that I am interested in", although he added that" at this moment everything is stopped and we have to wait a bit to see how the situation is defined in September. "

"I am interested, I continue to see the subject and we have made many approaches, but there is still nothing concrete regarding a direct purchase"He remarked. In addition, he considers" a rescue operation welcome ", since" I always said that Duro Felguera needs a rescue. They, the managers, have always denied it, and my idea was always that. Now they have recognized it. "

The company has requested help from government bailout fund for strategic companies, as well as Government of Asturias, as reported on Tuesday to the National Securities Market Commission (CNMV).

As reported ForexNews.online, the company already communicated on July 22 its intention to take advantage of this fund, due to the fact that it has been going through a delicate financial situation long before the pandemic.

Your goal is "consolidate" the "traditional" activities of the company, "reformulate" the international activities to date and "driving" new lines of business in which it finds potential, such as digitization and the green economy.

"The council has found that, as a consequence of the economic impact derived from the pandemic, the company is experiencing difficulties to maintain its normal activity", stressed the firm on July 22.

"The board of directors, by taking this step, also reaffirms its conviction that this decision not only does not contradict, but also can help the necessary incorporation of all private capital that is willing to commit to the company's long-term industrial project, "he added.

RESCUE FUND

In early July, the central government approved the creation of the Fund to Support the Solvency of Strategic Companies, endowed with 10,000 million euros and managed through the State Society for Industrial Participations (SEPI).

The fund is articulated through different instruments such as the granting of participating loans, the acquisition of subordinated debt or the subscription of shares or other capital instruments. The amount of dividends, interests and capital gains resulting from the investments made will be paid into the Public Treasury.

As explained by the Government, the fund is aimed at companies going through severe temporary difficulties as a consequence of the situation generated by Covid-19 and that they are considered strategic for various reasons, such as their social and economic impact, their relevance for safety, people's health, infrastructures, communications or their contribution to the proper functioning of the markets.

The Asturian company registered some losses of 9 million euros until March after recording a provision of 10 million euros in the results of the first quarter of the year due to the uncertainty scenario generated by the coronavirus health crisis. For its part, turnover was reduced by almost half, to 45.5 million euros.

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