Dec 23, 2014
Tavex
Dec 23, 2014
Brazilian group Camargo Correa has received the green light from the CNMV (Spanish stock market regulators) to launch a tender offer for the delisting of 49.9% of the Spanish company Tavex, which it still did not own. The agreement also signals the sale of the company's business in Mexico and the United States.
The company is also selling its subsidiaries Tavemex, Industrial Textil de Puebla, Tavex Immobiliaria and Tavex USA as well as its Mexican factories in Puebla and Tlaxcala.
The buyers include the company CMT de la Laguna and Tres Dimensions Sistemas Constructivos, a subsidiary of one of the major Mexican denim manufacturers, Siete Leguas.
The story has been followed closely in Spain, where some of the company’s offices are located. Tavex is indeed one of the oldest still active Spanish textile companies. Founded in 1846, the company merged in 2006 with the Brazilian company Santista Textil, which was in turn founded in 1929.
The announcement of the Brazilian shareholders’ desire to acquire the remaining shares pushed Spanish shareholders, who own 15% of shares, to attempt to block the process. The Spanish government was also called upon by the local press to go into action to keep a portion of what is considered a national treasure.
But Tavex must also act to rectify economic difficulties. In its nine-month fiscal period ending in late September, sales reached 255.8 million euros, a drop of 13.7% compared to 296.5 million recorded during the same period a year earlier.
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