The Álvarez Mezquíriz family seals peace with a shareholding restructuring of Eulen and Vega Sicilia

MADRID, 5 Oct. (EUROPA PRESS) -

The Álvarez Mezquíriz family has sealed peace by reaching a business agreement that involves a shareholder restructuring of Grupo Eulen and Grupo El Enebro and the closure of the conflict between the brothers that has lasted since 2010.

Specifically, the agreement gives control of the business groups to María José Álvarez in Eulen and to her siblings Pablo, Emilio, Elvira, Marta and Juan Carlos in El Enebro, a group in which Tempos Vega Sicilia is a member.

Thus, María José Álvarez will control all of the shares of the business services group, after adding to her 64% the rest of the shares held by her brothers, who in turn will assume 16% of the shares of the president of Eulen in El Enebro, in which they will assume total control, thus ending the family battle.

"This restructuring determines a strengthening of both business groups and greater dynamization and agility in the decision-making required by current economic times," both groups highlighted in a joint statement.

Along with this restructuring, the family has agreed to close the existing judicial processes between the companies and between the shareholders.

The Álvarez Mezquíriz brothers have expressed their gratitude to the people outside the family who have contributed and facilitated the achievement of this agreement.

The family confrontation dates back to February 2010, when the Eulen services group agreed in an extraordinary general meeting convened judicially to dissolve the board of directors - made up of its president at that time, David Álvarez, his seven children and an independent director. -- and the appointment as joint administrators of David Álvarez and his daughter María José.

A year later, at the beginning of 2011, five of the businessman's seven children once again approved at a shareholders' meeting the departure of their father and his siblings Jesús David and María José Álvarez Mezquíriz from the board of directors of El Enebro.

At the beginning of 2013, the businessman, married for the third time, formed a company with his daughter María José to control 60% of the company and stop the plans of his five 'rebellious' children -Marta, Elvira, Juan Carlos, Emilio and Pablo - to gain control of Eulen in the future.

David Álvarez Díez died in 2015 in Madrid at the age of 88, which did not prevent the discrepancies between his children from continuing in the following years due to the management of Eulen and El Enebro, until they finally sealed peace with this agreement. , which clarifies the ownership of both companies.