The first privatization of the Milei government confirms the continuity of “crony capitalism” . His government, together with that of the province of Mendoza led by Alfredo Cornejo , confirmed that the shares of the company IMPSA - Industrias Metalúrgicas Pescarmona SA - will be pre-awarded, since the Evaluation Commission - made up of the Fondep of the Ministry of Economy , the Agency for the Transformation of Public Companies and the province of Mendoza - recommended that the offer of the American consortium Industrial Acquisition Find IAF and its main partner Arc Energy , a company linked to Donald Trump , be accepted.
IAF offered 27 million dollars as a capital contribution subject to an integration schedule according to the company's needs and requested a deadline of January 31 to obtain the refinancing of the debt it has with IMPSA's creditors, which amounts to 576 million dollars . It should be noted that this is the only offer presented for the acquisition of the shares, reported the newspaper Ámbito.
The capital of IMPSA , a company founded in 1907, is made up of three types of shares: class A, held by the Pescarmona family with 5.3%; class B, held by creditors with 9.8% through guarantee trusts; and class C shares, 63.7% of which belong to FONDEP and the remaining 21.2% to the province of Mendoza, the Ministry of Economy said in a statement.
Trump and his friends want to renegotiate IMPSA's debt
The American company Arc Energy , the main member of the IAF consortium that was awarded the purchase of IMPSA , requested a deadline until January 31 to obtain support from creditors for the restructuring of the metallurgical company's debt, which amounts to approximately 576 million dollars. The main creditors include Banco Nación , the IDB , BICE , and the Chilean corporation Grupo Moneda . This restructuring is a key condition for proceeding with the drafting of the definitive contract for the sale of IMPSA shares.
Louisiana - based Arc Energy has drawn attention for the links between its president, Jason Arceneaux, and two other directors of Venezuelan origin with US President-elect Donald Trump. Some of them participated as contributors to his campaign. The company was the only bidder in the international tender launched last October by the Argentine government, led by Javier Milei, the Infogremiales website reported.
IMPSA is a leading company in innovation, design and manufacturing of hydroelectric, wind and nuclear technology turbines. It exports to more than 40 countries and has more than 100 local companies linked to it.
In 2021, the national State and the Mendoza government rescued IMPSA , safeguarding 720 jobs .
Linked to strategic projects such as the Yacyretá dam or the CAREM 25 nuclear reactor, it is a fundamental company for the country's energy transition and technological security.
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