Jacobo Gonzalez-Robatto. (Photo: Banco Popular)

Banco Popular director proposed as Nueva Pescanova manager

At the extraordinary general meeting of shareholders that Nueva Pescanova is to hold on 26 November in Chapela, Galicia, the appointment of one of the general directors of Banco Popular as sole new manager of the company is expected.

As sources close to the company informed EFE, the proposed new manager is Jacobo Gonzalez-Robatto, who is also the chairman of the committee monitoring Pescanova, which has ensured compliance with creditors agreements during the process that ended with the bank group known as G7 (Abanca, CaixaBank, Sabadell, Bankia, BBVA, Popular and UBI Banca) taking over the firm.

Currently, the G-7 controls 62 per cent of Nueva Pescanova while about 9,000 majority and minority shareholders control 20 per cent of the company.

At the meeting on 26 November the resignation of the current manager, Cesar Mata will be released. Besides, the "appointments of managers" will take place as well as the determination of "how the company management" will be carried out.

The sources consulted by EFE reported that after the election of Gonzalez-Robatto as sole manager, his appointment as president of Nueva Pescanova could occur in another call for an extraordinary meeting.

Nueva Pescanova was created two years after the debacle of the Galician multinational group. At present, the net financial debt of the company is below EUR 1,000 million, which means that its consolidated equity is positive.

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- Pescanova’s shareholders retain 20pc share
- Minority shareholders' proposal not to affect Pescanova restructuring process

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