Sacyr's wayward shareholder reduces his stake to 6.8% after losing the battle with the dome
Without hurry but without pause, in silence, José Moreno Carretero, the shareholder of Sacyr that raised an internal battle to subtract power from Manuel Manrique as president of the construction company, is undoing positions in the company. Carretero has reduced its participation in Sacyr to 6.8%, after reaching almost 14% of the firm and being its first shareholder in 2018, in full offensive against the dome of the construction company.
In this way, Moreno Carretero loses more weight within the firm's shareholders and definitely buries the ax of war: he is already the third shareholder and is one step away from being overtaken by the Fuertes family. At the end of September, Beta Asociados – Carretero's investment firm – maintains that 6.81%, from 7.1% in December 2018, while the Strong Group It has 6.31%.
The first shareholder remains Disa, owned by Demetrio Carceller, which maintains 12.61% according to the construction company records, and the second is José Manuel Loureda, which amounts to 8.2% through the Prilou and Prilomi companies. Carceller has also reduced its presence in the construction company after in May 2018 it bought 3.6% of the company in derivatives to stop Moreno Carretero.
Turn the page
These movements almost completely separate the times of internal battle in one of the great construction companies of the country. Moreno Carretero tried to the Board of 2018 for shareholders to approve the appointment of a CEO "young and knowledgeable in the sector" to limit the powers of the president, Manuel Manrique.
Carretero became the first shareholder of the firm with 14.4% of the capital partly through derivatives, which forced Carceller to acquire an extra 3.6% to stop him. All the directors sided with President Manrique, and the shareholders approved that the Social Responsibility Action be applied against Carretero, for which the management of Sacyr has four years of margin.
Closed the battle, and with Moreno Carretero in withdrawal from the firm, Sacyr has taken a leap in the first nine months of the year. According to the data provided by the company to the CNMV, until September it has obtained a profit of 122 million euros, 12% more, with revenues of 3,032 million, 12% higher than in the same period of 2018.
In addition, the order book has grown by 2% to 42,616 million euros, 72% outside of Spain. The black point is debt, which has increased in this period to 4,634 million. In a conference with analysts this Thursday afternoon, Manrique said that the important thing is the debt with recourse – the corporate debt that is not linked to projects -, which has reached 1,082 million in September, 5% less than at the end of 2018. The commitment is to reduce it to less than one billion "shortly".