OHLA falls more than 6% on the stock market due to pressure from Atitlan to enter its capital before Friday

2 Jul. () –

OHLA shares fell by more than 6% at 2:00 p.m. on Tuesday, after the low price that Atitlan (the business group founded by Roberto Centeno – son-in-law of Mercadona’s president, Juan Roig – and Aritza Rodero) is willing to offer to acquire its capital, inject liquidity and be able to refinance its debt bonds became known.

Both OHLA sources consulted by Europa Press and Atitlan have declined to comment on the matter, but the pressure to accept the offer compromises the company’s board of directors, as Atitlan has set the deadline for the operation to be accepted this coming Friday, July 5.

The offer launched by Centeno and Rodero is based on an injection of 75 million euros through a capital increase that they would fully subscribe to, plus another disbursement of 75 million euros that they would pay in proportion to their participation, leaving the rest of the injection to the other shareholders.

According to ‘El Confidencial’, the price set by Atitlan is only 0.24 euros per share, which represents a discount of up to 34% compared to yesterday’s closing price. However, this price would mean that Atitlan’s stake would be 35%, higher than the 30% required by law for a takeover bid.

When OHLA communicated this offer received, it indicated that it would not exceed 30%, so the price would have to be higher (at least 0.3 euros), the injection would be lower (about 60 million euros) or Atitlan would ask the CNMV for an exemption from launching a takeover bid, citing reasons of financial viability.

In any case, the fund of the son-in-law of the president of Mercadona would take control of the company and appoint a new CEO, which could relegate the Mexican Amodio brothers from management, after the effort they have put into the recovery of the company since 2020, leading it to profit in 2022 for the first time in five years.

Along with the Atitlan offer, the Mexican firm Inmobiliaria Coapa Larca also launched another offer to secure another 25 million euros in the 100 million capital increase that OHLA has launched and in which the Amodios have already committed to disburse another 26 million euros.

With this, more than 50% of the increase would already be completed and, together with the funds of 55 million euros from the sale of the Canadian hospital CHUM already closed – or from the sale of the Canalejas Center or its Services business, still to be closed – it could meet the maturities of its debt bond of 412 million euros – 50% in March 2025 and the other 50% in March 2026 – without needing the additional funds offered by Atitlan.