The Argentine government's attempt to have greater participation in the directory Siderar , the largest steel country, has further strained the already complex relationship with the Techint group in a conflict that has escalated legal field today. Siderar
went to the courtroom today to appeal against a decision by the Securities and Exchange Commission, the regulator of the markets in Argentina, which challenged a meeting of shareholders of the company that was voted against the appointment of directors representing the State.
The Government's response was swift: the National Social Security (ANSES), the state agency that administers the pension system and participating as a shareholder in 42 companies, announced that will make a court appearance for alleged irregularities in the assembly held in Siderar on Friday.
Anses became the minority stakes in various companies in November 2008 when the government of Cristina Fernández millionaires nationalized pension funds managed by private firms and invested in various financial assets such as stocks of companies. Although
then promised not to interfere in the activity of these firms, Anses months later appeared before several of these companies to enforce their right to vote at corporate meetings and in some cases, to claim seats on the boards.
However, although the shares are still in some cases 30%, an Act of Parliament was limited to 5% the level of representation of the Anses on the boards of the company.
But last Wednesday, in a surprise move, President Fernández abolished the cap by a decree of necessity and urgency that now the group Techint, which controls Siderar, questioned for his alleged "unconstitutional."
"In our view, the decree is not justified. The Constitution only justification for the executive to legislate in very exceptional cases, the least we ask is a parliamentary debate to express our ideas", said Siderar president, Daniel Novegil.
During the administration of Néstor Kirchner (2003-2007), the relationship between the executive and the Techint group, headed by the Rocca family, was good, but the bond began to suffer when in 2008, and Cristina Fernandez in the Casa Rosada, Venezuelan President Hugo Chavez ordered the nationalization of Siderurgica del Orinoco (Sidor), controlled by Techint.
While the Argentine government interceded with a wealthy Venezuelan agree Techint compensation for nationalization, the conglomerate wanted "The intercession of Fernández influenced thereby in Venezuela to avoid nationalization," said economist Paul Tigani Efe.
"Techint is conscious of the situation in Venezuela and is planning what happened there to Argentina. And clearly the Argentine government is not the Venezuelan government, is not a socialist government," said the expert, the Hope Foundation.
In May 2009, when Techint took 400 of the 1,970 million dollars in damages agreed by the nationalization of Sidor and deposited in a bank in Germany, complained publicly Cristina Fernández therefore, the first sign that the relationship began to crumble.
"The government did not like that and it is clear that this government when you do not like something, do not stay idle," said Tigani. There followed a policy of limits on the prices of steel products hit Techint and initial refusal in 2009 the steel group to incorporate a director Anses Siderar, in which the state agency holds a 26%.
Renewed bid with Techint could be replicated in other companies in which the Anses, which officially announced its intention to assert their rights as a shareholder on the boards of Grupo Financiero Galicia, Banco Macro, the realtor Consultatio and Pampa Energy.
already Anses last week failed in his attempt to appoint representatives to the board of the food manufacturer Molinos, controlled by the Perez Companc group and in which the state agency has a stake of 19.9%. EFE nk / tg
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