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Nine bidders qualify in Izar shipyard sale.

Europe Intelligence Wire

| December 01, 2005 | COPYRIGHT 2005 Financial Times Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

(From Lloyds List)

Byline: Eight offers for single facilities and one joint proposal to buy two, writes Brian Reyes

SPAIN's state industrial holding company Sepi has received 11 offers for Izar's four remaining shipyards, but only nine of them appear to meet the necessary requirements.

Details of the bidders have yet to be released but of the nine offers, eight are for individual yards and one is a joint proposal to buy two of them.

The four facilities on sale as part of the liquidation of Izar's remaining assets include shipyards in Sestao, Gijon and Seville, as well as the propulsion plant in Manises.

Only one offer was received for an en bloc purchase of all four facilities, but it appears to have fallen short of the minimum requirements set by the government. 'The independent assessor has established that, apart from the nine offers already mentioned, two more were presented which failed to meet important requisites in order to be accepted as valid at this stage,' Sepi said in a statement yesterday.

'Of these two, one was for all the assets on sale and one was for a single yard.'

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