Euskaltel released to financial sharks?
Euskaltel was born in 1995 as a public telecommunications company. He started his career with a capital of 200 million pesetas: The Basque Government provided 40% of the resources, while the Basque funds contributed 40%. It can soon be completely privatized and all the Basque character lost. Once again we are seeing how the profits of public enterprises are being privatised while losses are being socialised. Euskaltel would be a clear example of the first case – the banks rescued, with Bankia at the head, are related to the second case. For its part, the two foreign investment funds that are shareholders of the Basque company would receive a significant amount of money with privatisation.
Next July, Euskaltel will be on the stock market with a value of EUR 1.5 billion, compared with EUR 475 million in 2012. With the divestments of the Basque banks, the Basque Government, Endesa, Grupo Mondragón e Iberdrola, partially, Kutxabank stayed with 49.9% of Euskaltel and Trilantic e Inveindustrial became part of the capital with 228 million euros, controlling 48.1% of the company. In other words, these investment funds have tripled the value of their shares within two and a half years. And if that were not enough, it could be expected that when the three shareholders of Euskaltel – Kutxabank and the two investment funds mentioned – will receive an extraordinary dividend of EUR 200 million, once they have made a debt of EUR 300 million to collect the same money.
The next exit to the Euskaltel stock market means that its control can fall into other hands far from the industrial fabric of the Basque Country. What could have been a telecommunications company rooted in the Basque Country, created with public money from our taxes, will depend on speculators and financial sharks. They are just looking for profit and if they have to make the company itself disappear or merge it with other operators, they will. Unfortunately, there is little time left to prevent this. But we should try. Kutxabank bears a great responsibility for this. Let the public know what is being eaten in this Basque company.
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