Shareholders approve the spin-off of ALFA's entire stake in Alpek
ALFA shareholders have approved the spin-off of ALFA's entire stake in Alpek, marking the final step in ALFA's transformation into a food-focused business. The process involves creating Controladora Alpek, a new publicly traded entity on the Mexican Stock Exchange. ALFA shareholders will receive one share of Controladora Alpek for each ALFA share while maintaining their current ALFA holdings. The spin-off, listing, and share distribution are expected to complete during 2025.
This transformation positions ALFA as Sigma, a leading food industry company operating in 17 countries with over 100 brands including FUD, Campofrío, and Bar-S. The move aims to achieve higher individual valuation for Sigma, ALFA's only non-publicly traded Business Unit.
Gli azionisti di ALFA hanno approvato lo scorporo dell'intera partecipazione di ALFA in Alpek, segnando l'ultimo passo nella trasformazione di ALFA in un'azienda focalizzata sugli alimenti. Il processo prevede la creazione di Controladora Alpek, una nuova entità quotata in borsa sulla Borsa Messicana. Gli azionisti di ALFA riceveranno un'azione di Controladora Alpek per ogni azione ALFA detenuta, mantenendo le loro attuali partecipazioni in ALFA. Si prevede che lo scorporo, la quotazione e la distribuzione delle azioni si completino entro il 2025.
Questa trasformazione posiziona ALFA come Sigma, una delle principali aziende del settore alimentare che opera in 17 paesi con oltre 100 marchi tra cui FUD, Campofrío e Bar-S. Questa mossa mira a ottenere una valutazione individuale più elevata per Sigma, l'unica Unità Aziendale di ALFA non quotata in borsa.
Los accionistas de ALFA han aprobado la escisión de la participación total de ALFA en Alpek, marcando el paso final en la transformación de ALFA en un negocio centrado en alimentos. El proceso implica la creación de Controladora Alpek, una nueva entidad que cotiza en la Bolsa Mexicana. Los accionistas de ALFA recibirán una acción de Controladora Alpek por cada acción de ALFA, manteniendo sus tenencias actuales en ALFA. Se espera que la escisión, la cotización y la distribución de acciones se completen durante 2025.
Esta transformación posiciona a ALFA como Sigma, una empresa líder en la industria alimentaria que opera en 17 países con más de 100 marcas, incluyendo FUD, Campofrío y Bar-S. Este movimiento busca lograr una mayor valoración individual para Sigma, la única Unidad de Negocios de ALFA no cotizada en bolsa.
ALFA 주주들은 ALFA의 Alpek에 대한 전체 지분 분할을 승인하여 ALFA가 식품 중심의 사업으로 변화하는 마지막 단계를 의미합니다. 이 과정에는 Controladora Alpek라는 Mexicana 증권 거래소에 상장된 새로운 공개 회사의 설립이 포함됩니다. ALFA 주주들은 ALFA 주식 1주당 Controladora Alpek의 주식 1주를 받을 것이며, 현재 ALFA 지분도 유지하게 됩니다. 분할, 상장 및 주식 분배는 2025년 내에 완료될 것으로 예상됩니다.
이 변화는 ALFA를 Sigma로 위치시키며, Sigma는 FUD, Campofrío 및 Bar-S를 포함한 100개 이상의 브랜드를 운영하는 17개국에서 활동하는 주요 식품 산업 회사입니다. 이 조치는 ALFA의 유일한 비상장 사업 부서인 Sigma에 대해 더 높은 개별 평가를 달성하기 위한 것입니다.
Les actionnaires d'ALFA ont approuvé la scission de la participation totale d'ALFA dans Alpek, marquant la dernière étape de la transformation d'ALFA en une entreprise axée sur l'alimentation. Le processus implique la création de Controladora Alpek, une nouvelle entité cotée à la Bourse mexicaine. Les actionnaires d'ALFA recevront une action de Controladora Alpek pour chaque action ALFA, tout en maintenant leurs participations actuelles dans ALFA. La scission, la cotation et la distribution d'actions devraient être finalisées d'ici 2025.
Cette transformation positionne ALFA comme Sigma, une entreprise leader de l'industrie alimentaire opérant dans 17 pays avec plus de 100 marques, dont FUD, Campofrío et Bar-S. Ce mouvement vise à obtenir une évaluation individuelle plus élevée pour Sigma, la seule unité commerciale non cotée d'ALFA.
Die Aktionäre von ALFA haben die Abspaltung von ALFAs gesamtem Anteil an Alpek genehmigt, was den letzten Schritt in ALFAs Transformation in ein lebensmittelorientiertes Unternehmen darstellt. Der Prozess umfasst die Schaffung von Controladora Alpek, einer neuen an der Mexikanischen Börse notierten Gesellschaft. ALFA-Aktionäre erhalten für jede ALFA-Aktie eine Aktie von Controladora Alpek und behalten ihre bisherigen ALFA-Anteile. Die Abspaltung, die Notierung und die Aktienverteilung sollen voraussichtlich im Jahr 2025 abgeschlossen werden.
Diese Transformation positioniert ALFA als Sigma, ein führendes Unternehmen der Lebensmittelbranche, das in 17 Ländern mit über 100 Marken, darunter FUD, Campofrío und Bar-S, tätig ist. Der Schritt zielt darauf ab, eine höhere individuelle Bewertung für Sigma zu erreichen, die einzige nicht börsennotierte Geschäftseinheit von ALFA.
- Transformation into focused food business through Sigma, operating in 17 countries
- Portfolio of over 100 recognized food brands
- Recent increase in ALFA's share price indicating potential value in food business
- Shareholders maintain their equity stake in ALFA while receiving additional Controladora Alpek shares
- Complex restructuring process extending into 2025
- Potential market uncertainty during transition period
Insights
The spin-off of ALFA's stake in Alpek marks a significant strategic transformation, completing ALFA's evolution into a pure-play food company through Sigma. This restructuring should unlock shareholder value by allowing clearer market valuation of each independent entity. Key implications:
- ALFA shareholders receive 1:1 shares in new Controladora Alpek while maintaining ALFA ownership
- Sigma becomes ALFA's sole focus - positioned in 17 countries with over 100 brands
- Creates four distinct investment opportunities: Nemak, Axtel, Alpek and Sigma (through ALFA)
This corporate restructuring represents a strategic pivot toward the higher-margin food sector, capitalizing on Sigma's strong brand portfolio and market presence. The separation should reduce the conglomerate discount typically applied to diversified holding companies. Sigma's non-public status presents a unique pure-play opportunity in the food sector through ALFA shares. The timing of completion in 2025 gives markets adequate time to adjust valuations. Notably, this move follows a broader market trend of conglomerates streamlining operations to enhance shareholder value and market visibility.
- ALFA streamlining its conglomerate structure towards a food-focused business unit, in which ALFA is Sigma
- This is the last spin-off in ALFA's transformation process
- ALFA will transfer its entire ownership stake in Alpek to a new publicly traded entity: Controladora Alpek
- ALFA shareholders will receive one share of Controladora Alpek for each share they hold in ALFA, while retaining their equity stake in ALFA
- The spin-off, listing, and share distribution processes are expected to be completed during 2025
SAN PEDRO GARZA GARCÍA, N.L. Mexico, Oct. 24, 2024 /PRNewswire/ -- ALFA S.A.B. de C.V. (BMV: ALFAA) ("ALFA") held its Extraordinary Shareholders' Meeting today, during which the proposal to spin off its entire ownership stake in Alpek, S.A.B. de C.V. (BMV: ALPEKA) ("Alpek") was approved.
On behalf of ALFA's Board of Directors, Álvaro Fernández Garza, Chairman of the Board and CEO, presented the proposal through which ALFA, as the original company, will conduct the spin-off. Among the main agreements, a new entity will be formed as the spun-off company ("Controladora Alpek"), which will be listed on the Mexican Stock Exchange. ALFA will transfer its entire share ownership in Alpek's capital stock to Controladora Alpek, along with other assets, liabilities, and capital. ALFA shareholders will receive one share of Controladora Alpek for each of their ALFA shares, in addition to retaining their stake in ALFA's capital stock. The Company expects to complete the spin-off, listing, and share distribution processes during 2025.
"We appreciate the vote of confidence from our shareholders in supporting the spin-off of ALFA's stake in Alpek. This last spin-off will take us to the structure that we initially envisioned, in which ALFA is Sigma, and its fair value is recognized as a leading company in the food industry, with operations in 17 countries and a portfolio of more than 100 recognized brands, including FUD, Campofrío, and Bar-S," Álvaro Fernández Garza, Chairman of the Board and CEO said.
Sigma is ALFA's only Business Unit whose capital is not publicly traded. The advantages of the food industry, the positioning that Sigma's brands have achieved in all their categories and regions, as well as the company's consistent growth, are some of the bases for achieving a higher individual valuation.
The spin-off approved today also represents a new chapter for Alpek, which is fully capable of extending its successful trajectory as an independent entity. Under the leadership of an experienced team, Alpek has emerged as a leader in various petrochemical chains, with solid finances and autonomous corporate governance. The large scale of the company's operations, proprietary technology, cost-efficient structure, and the privileged location of its production sites are some of the key factors contributing to its high competitiveness in the global industry. ALFA's transformation has given absolute autonomy for investors to determine their optimal stake in four independent business units: 1) Nemak (automotive lightweighting solutions), 2) Controladora Axtel (information and communication technologies), 3) Controladora Alpek (petrochemicals), and 4) Sigma (food).
This separation allows each business to be valued by the market based on its merits and individual potential.
The recent increase in ALFA's share price reflects the large potential for value in the food business.
About ALFA
ALFA is comprised mainly of two businesses with global operations: Sigma, a leading multinational food company, focuses on the production, marketing, and distribution of quality foods through recognized brands in
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SOURCE ALFA, S.A.B. de C.V.
FAQ
What is the ratio of Controladora Alpek shares that ALFA shareholders will receive in the 2025 spin-off?
When is ALFA's Alpek spin-off expected to be completed?
How many countries does ALFA's Sigma food business operate in?
What will happen to ALFA shareholders' existing shares after the Alpek spin-off?
