Spanish investment company CriteriaCaixa has backed out of acquiring a 20 percent stake in Spain-based long steel producer Celsa Group, following a decision by its board of directors, according to local media reports. The board alleged that Celsa did not fit the profile of the company to invest in according to its strategic plan, while Celsa respected the decision and the parties agreed on terminating the negotiations.
Following CriteriaCaixa’s withdrawal, Celsa Group will decide whether to reactivate the process to find a new partner.
In April this year, the companies had signed a preliminary agreement for the sale of the 20 percent stake, as SteelOrbis previously reported.
