A legal stand-off overshadows the sale of Galicia-based tuna cannery Alfageme to Cantabria-based canned anchovy and tuna producer Grupo Consorcio.
The controversial negotiations stem from a deal in which Galicia’s regional government and bankers approved the Consorcio take-over, pending Alfageme’s insolvency appeal. The judge’s decision rests on a final appeal by Promalar — Alfageme’s former owners — whose alleged mismanagement led to Alfageme’s bankruptcy.
On payment of Xunta de Galicia guarantees and a EUR 9 million (USD 11.8 million) secured loan, Consorcio will invest EUR 12 million (USD 15.7 million) in acquiring Alfageme, in addition to funding a EUR 2 million (USD 2.6 million) worker compensation package.
Scheduled for completion last week, the deal hit a roadblock this week as Alfageme workers’ union accused Xunta Minister of Industry Javier Guerra of deceit in not guaranteeing to implement the agreement, hence safeguarding their jobs.
Fifty-five Alfageme workers held a sit-in on Monday at the HQ of the Galicia Institute for Economic Promotion in Santiago de Compostela to pressure the authorities to quickly push the Consorcio purchase through.
Rosa Abuín from the Galicia Workers’ Confederation supports Alfageme’s demands and their “total satisfaction” with the deal, yet remains “cautious” until they see signatures on paper. “This is what we have been demanding from the beginning: to maintain jobs,” she said. On completion of the sale, she added, “We hope to start working again within the next three to four months.”
Founded in 1873 by Bernado Alfageme and operating across four factories, Alfageme moved its original headquarters from Asturias to Galicia to take advantage of closer vicinity to key fishing grounds.
Grupo Consorcio was founded in 1950 as members of the Spanish Society of Conservers of Santoña (Cantabria). Its focus is on the export of canned anchovy, albacore tuna and bluefin tuna to European and American markets. While they threaten to “enforce” their Alfageme bid, the Xunta de Galicia “promises to pay when the [appeal] order becomes final.”
