After months of negotiations, Spanish bank Abanca has gained control of Nueva Pescanova by acquiring the shares of Banco Sabadell (24.5 percent) and Caixabank (15.3 percent), two of the banks that formed the core of the so-called G7 that allowed the restructuring of the seafood giant in 2015, reports Expansion.
The transaction means Abanca now owns 80.46 percent of Pescanova, which enables it to carry out changes. It will now reinforce its financial structure and corporate and commercial activity under the management of CEO Ignacio González, who in a brief statement said the company would be returning its decision making to Galicia, the original home of the company in Spain's northwest.
Abanca's medium and long-term objective is to maintain an "important" stake in Nueva Pescanova in order to find an industrial partner to ensure the company's future in Galicia.
The change of ownership comes after a bad 2019 for Nueva Pescanova, which registered losses of around €33 million ($36.5 million).