Cepsa moves its Chemicals subsidiary to the Torre Picasso in the middle of the sale process

Moving at Cepsa.

Just a few weeks ago, the oil company completed the

to the Torre Picasso, in the financial area of ​​Paseo de la Castellana in Madrid, according to market sources reported to EL MUNDO.

The change of headquarters has taken place in the middle of the process of selling the petrochemical subsidiary, an operation that the group has slowed down by not obtaining the expected valuations from potential buyers.

The change has affected around

, who have occupied a floor and a half in the building owned by the former president of Inditex, Amancio Ortega.

This is the entire staff of the chemical division in Madrid, which until now had been located in the company's headquarters, in the Four Towers complex.

The company has not yet updated the change of headquarters on its website.

The transfer tries to attend to the organizational requirements of the company, according to close sources.

The market, on the other hand, analyzes the recent move as one more step to smooth the sale of Chemicals, a transaction with which Cepsa expected to pocket around

.

The process came to have clear candidates, such as the venture capital fund

, but not even the bet of the applicant with the most ballots would have met the expectations of the oil company owned by the French manager

and the sovereign fund of Abu Dhabi,

, according to financial sources.

The outbreak of the war in the Ukraine and its distorting effect on the markets also contributed to the operation being left in the air.

However, the company has maintained its strategy of giving certain divisions greater autonomy.

The recent move is a clear example of the

that will shape the group's new organizational structure.

Cepsa's CEO,

, anticipated this new approach last March, on the occasion of the presentation of the company's strategic plan until 2030.

The new roadmap contemplates

and the progressive separation of those businesses that do not fit completely into the green taxonomy.

In detail, the strategic plan was to

division

.

The company's objective involves enhancing the value of these areas and making the definitive leap to the renewable business.

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