DST was the only one to submit a binding bid to buy Efacec

  • ECO News
  • 24 November 2021

DST was the only company that submitted a binding bid to acquire Efacec. In the race were DST and Sodecia, but just one delivered the proposal before the deadline.

As of this Wednesday, DST is officially the only company competing for Efacec’s reprivatisation. Sodecia was left out as it did not submit its binding bid by November 22, the stipulated deadline, according to what ECO found out.

“Parpública communicates that as part of the reprivatisation process of the 71.73% stake in Efacec – Power Solutions, within the established deadline, it received a final offer from the investor DST,” Parpública reveals in a statement sent to newsrooms.

The government had promised to complete the reprivatisation process of 71.73% of Efacec by the end of November, but it is clear that this deadline will not be met.

The president of the DST Group, José Teixeira, has already assumed that he will make a “major investment” to keep the company, which operates in the energy, engineering and mobility sectors. In an interview with Jornal de Negócios, João Teixeira refused to buy only a fraction of Efacec, a solution that was suggested to eventually make the company more attractive. “The company needs to be capitalised, right? That’s where our energy is focused,” he said, specifying: “Our investment will be very strong in the company’s capitalisation.”

“We will fight hard to buy Efacec, for what, from our point of view, is the best solution for Portugal. Efacec is a company with extraordinary technical capacity, with a group of workers and skills that take decades and decades to develop,” said José Teixeira. The businessman also noted that he was “sure” that the 2,200 workers included in the business plan would not be enough to do the work.