The Board of Directors of El Corte Inglés has opened an internal procedure within the board of directors

to negotiate the purchase of 5% of the company that is in the hands of former president Dimas Gimeno for 145 million euros

.

The acquisition will be made from the package that Gimeno and his mother, María Antonia Álvarez, have in

IASA SA

, a company that was created after the death of former president Isidoro Álvarez and controlled by his daughters, Cristina and Marta Álvarez.

Gimeno and his mother,

María Antonia Álvarez

, own 13% and 9%, respectively.

This participation gives Gimeno and her mother 5% of the total of El Corte Inglés.

Dimas Gimeno

was president of El Corte Inglés until he was dismissed in June 2018

, after a deep internal media crisis that confronted him with his cousins, the sisters Marta and Cristina Álvarez, daughters of Isidoro Álvarez, who died in 2014. After the dismissal de Gimeno, Jesús Nuño de la Rosa, who was then CEO, replaced him in the presidency.

presidency

This was a transition process until in July 2019 Marta Álvarez was appointed president.

This operation, therefore,

would mean settling an internal war between heirs (Gimeno and the Álvarez sisters)

that has lasted since the death of Isidoro Álvarez.

As reported by the department store group in a statement,

this purchase operation starts from a price of 145 million euros, which has been proposed by the seller.

"The valuation of the sellers has taken into account that it is a minority stake in said company," says the group.

The Board of Directors of El Corte Inglés has authorized the operation, "provided that the acquisition of these shares is carried out free of charges and encumbrances" that it may have and "the price is confirmed and the circumstances that benefit all shareholders are met. from El Corte Inglés ".

In IASA there are shareholders, in addition to the Álvarez sisters, Dimas Gimeno and their mother, also the latter's uncle, César Álvarez.

According to the criteria of The Trust Project

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