Mexico's Hidafa ups stake in Spain's Sniace to 24.8%
22 September 2005 12:48 [Source: ICIS news]
MADRID (ICIS news)--Mexican investment concern Hidafa has bought an additional 14.9% in expansionist Spanish chemicals firm Sniace, increasing its shareholding to 24.8%.
In a statement filed late Wednesday with Spanish Stock Market Watchdog Comision Nacional de Valores (CNMV), Hidafa, owned by Mexican entrepreneurial family Gomez Sainz, said it bought 6m Sniace shares for Euro16.3m ($20m).
Earlier this week, Hidafa purchased a 9.9% stake in Sniace, becoming its biggest single shareholder.
Sniace, which makes cellulose and fibres such as polyamide-6, is growing aggressively in the Spanish bioefuels market and has signed a joint venture with Spanish power utility Iberdrola to build a bioethanol and animal foods plant in Zamora, Spain.
Hidafa did not explain the reasons for its enthusiastic buying in Sniace. Spanish Analysts speculated that the Mexican family may pursue a gradual takeover of the company. By: Ivan Castano Freeman+44 20 8652 3214
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