El fondo foral de Navarra irrumpe en Azkoyen en plena opa de Jainaga y el Gobierno vasco

The Navarre foral fund has made a significant move by purchasing a 1.05% stake in Azkoyen for 2.5 million euros, signaling the Navarre government's desire to influence the public offer for the industrial company. Ohmnia Electronics, a company controlled by entrepreneur José Antonio Jainaga and backed by the Navarre government, proposed to acquire 100% of Azkoyen at 10 euros per share, valuing the firm at 244 million euros.

Jainaga aims to merge Ohmnia and Azkoyen to maintain a public listing, with an annual revenue of 400 million euros and 2,000 employees. The Navarre government, led by Mar&aacutea Chivite's Executive, sought to protect jobs and maintain Azkoyen's presence in Navarre by investing in the company through the territorial investment company.

This move is similar to that of sovereign funds in other countries or Spain's Sepi, participating in major companies like Telefónica and Indra. The fund has a budget of 45 million euros to invest in industrial projects that can boost the regional economy. While the fund may not block the Ohmnia-Azkoyen opa, its presence could help in strategic decision-making.

The Navarre government, led by the Socialists who also belong to the Navarre government, could face challenges in the future due to Jainaga's ties with Talgo and his involvement in the Talgo opa due to a veto by the Pedro Sanch&eacutez Executive. In the past, Caja Navarra (now part of CaixaBank) was one of Azkoyen's largest shareholders, and the company's board has given an amicable response to the offer.

The investment committee includes families Ruiz Lafita, Masaveu, and Troyas, and the company's shares are currently trading at 10.25 euros, above the opa price.