AbellÃ³ Linde Centenary Book

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THE RETURN OF LINDE he shareholders’ meeting held on March 5 th 1956 agreed to carry out a Tcapital increase of 4,750,000 pesetas, so that the company’s final capital would be 7 million. The capital had not been modified since the company was founded. 4,750 shares were issued at 1,000 pesetas each, which were subscribed for with a premium in proportion to the reserves accumulated. The minutes of the Board of Directors stated that the shareholders “renouncing all preemptive rights to the subscription of the said shares, give the company complete freedom of action to offer them to whomsoever they feel suitable, even nonshareholding third parties”. The law of public companies gave shareholders a preemptive right of subscription, so this renunciation was essential for allowing those who were not to enter the capital. The increase was intended to bring Linde back into the shareholders’ fold, once the post-war period and the political suspicions with regard to German companies had been overcome. The agreement with Linde envisaged them entering with 25% of the capital and they did so with a non-financial investment of machinery. These two facts – the authorization of a foreign partner and the importation licenses of equipment – caused a considerable delay in the increase, because although we are in years of change and liberalization there was still a huge administrative bureaucracy. As for foreign investment, remember that 25% of the capital was still the maximum percentage allowed without prior authorization, but this did not preclude giving explanations for the operation to the Ministry of Industry. It had to confirm that all the legal requisites were complied with. As for the machinery, the import license was linked to the authorization of the capital increase and to an assessment of the assets imported. There were several ministries involved and this was a guarantee of paperwork and long periods of waiting. Isidro Abelló Carreras with Dr. Friedrich Linde and Rudolf Wucherer in Berchstesgaden, 1954 Before the return of Linde, the company’s capital was distributed in the following way: In % In shares Federico Abelló Bruguera* 22.22 500 Concepción Abelló Bruguera* 14.80 333 Isidro Abelló Carreras 32.62 734 Juan Rovira 27.06 682 Total shares 2,250 * Brother and sister held an undivided shareholding between them. Source: Extraordinary General Meeting, October 10th 1958. At the Extraordinary General Meeting of Shareholders on October 10 th 1958 it was stated that authorization had been obtained ”so that 25% of the capital increase may be subscribed for by the German company Gesellschaft für Linde’s Eismachinen, as it had once been a shareholder in our company”. “The Government of the Nation, through the Resolution of the Ministry of Industry of The return of Linde and a strong industrial boost (1956-1975) 115
May 30 th 1958 and of the Ministry of Trade of October 2 nd ” has given its approval “and it is hoped that any time now the licence may be granted for the importation of machinery, corresponding to virtually the entire investment of German capital in our company”. This investment “will allow Abelló, Oxígeno-Linde SA to once more have the invaluable technical cooperation of the German Linde and, at the same time, by way of the contribution of brand new machinery, place our company at the highest level of technological development”. “The issue [of shares] proposed must be carried out with the premium of 784 pesetas per share with a face value of 1,000, which is what was established by the Dirección General de Contribuciones y Régimen de Empresas through the Resolution of May 5 th 1956, and which has served as a basis for all the administrative authorizations of foreign capital investment.” The shares at 1,000 pesetas will require the outlay of 1,784 pesetas, that is, they will be issued at a rate of 178.4%. The new shares were subscribed for by: Number of new shares Isidro Abelló Carreras 1,162 Juan Rovira Anglada 1,080 Federico Abelló Bruguera 793 Concepción Abelló Bruguera 528 G. für Linde’s Eismachinen 1,187 Total 4,750 At the beginning of 1959 it still had not been possible to make Linde’s nonfinancial investment, “as until very recently the company has not had the licence to import machinery that the German firm produced as an exchange value of the majority of the shares”. 1 Finally, in April 1959 the Board “reports the coming into effect of the financial and non-financial contributions and as a result of this the total freeing up of the shares issued”. 2 The “new” installations at La Sagrera factory 1. Extraordinary General Meeting of Shareholders of January 2 1959. 2. April 20 1959. 116 The return of Linde and a strong industrial boost (1956-1975)
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years
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Publication: Abelló Linde, S.A. Au
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INTRODUCTION hen a friendship lasts
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CONTENTS 1. ISIDRO ABELLÓ, HIS FAM
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elló linde 100 years abelló linde
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each of modest patrimonies. It is o
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In 1888, the year of the Universal
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ISIDRO ABELLÓ, SPECIALIST IN REFRI
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Third journey To Paris: November 23
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As to the profits or losses that th
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The results of the early years, unt
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Carl von Linde ab
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Imperial patent for Carl von Linde
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Catalonia was still the “workshop
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REPRESENTING LINDE REFRIGERATION MA
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LIQUID AIR AND OXYGEN In 1895, one
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Sketch of the first air liquefactio
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On December 22 nd 1906, a Report on
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Isidro Abelló
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State of the building Reial Col·le
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THE CREATION OF THE COMPANY he fail
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ISIDRO ABELLÓ’S INDIVIDUAL COMPA
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A COMPANY THAT STARTS OUT WITH GOOD
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50 The Company “Isidro Abelló, f
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General view of Passeig de Colom in
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elló linde 100 years abelló linde
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For the Linde group this period end
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Alfonso XIII was to pay dearly for
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THE POLICIES OF THE MILITARY DIRECT
Page 67 and 68: Linde’s 25% official shareholding
Page 69 and 70: PRODUCTION ndustrial gases, and esp
Page 71 and 72: section selling Linde refrigeration
Page 73 and 74: THE SECURITIES PORTFOLIO AND INDUST
Page 76: elló linde 100 years abelló linde
Page 79 and 80: THE MARKET IN CATALONIA, THE VALENC
Page 81 and 82: COMMERCIAL WAR he appearance of Pro
Page 83 and 84: The companies founding the Agrupaci
Page 85 and 86: A year later - 1927 - Autógena Mar
Page 91 and 92: A COMPANY THAT STAYS FIRM belló, O
Page 93 and 94: * From this figure of profits, 15%,
Page 95 and 96: THE SECOND WORLD WAR BEGINS n Septe
Page 98 and 99: elló linde 100 years abelló linde
Page 100 and 101: THE POLITICAL AND ECONOMIC SITUATIO
Page 102 and 103: THE EXPROPRIATION OF THE GERMAN ASS
Page 104 and 105: THE SHAREHOLDERS AND COMPANY MANAGE
Page 106 and 107: EQUITY AND RESULTS here were no cha
Page 108 and 109: IMMOVABLE ASSETS n 1939, Abelló, O
Page 110 and 111: In 1952 the Board of Directors refe
Page 112: Without the founding brothers and w
Page 116 and 117: FROM STABILIZATION TO DEVELOPMENT h
Page 122 and 123: The return of Linde and a strong in
Page 124 and 125: The first two capital increases wer
Page 127 and 128: Between the previous increases, the
Page 129 and 130: 126 The return of Linde and a stron
Page 131 and 132: VALENCIA REGION n 1956 there was a
Page 133 and 134: IBÉRICA DE GASES S.A. On November
Page 135 and 136: Prices on the Barcelona Stock Excha
Page 143 and 144: Finally, the moment came when the m
Page 145 and 146: Capital increases (in millions of p
Page 147 and 148: PRODUCTION AND SALES he company has
Page 149 and 150: 146 The german majority (1976-1983)
Page 151 and 152: RESULTS The results column bears fu
Page 159 and 160: 156 Territorial expansion and the b
Page 161 and 162: Hydrogen purification plant in Monz
Page 163 and 164: But the most important centre creat
Page 165 and 166: 162 Territorial expansion and the b
Page 167 and 168: As you can see, there is a demand f
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REGIONAL OFFICES Catalonia Valencia
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ASSOCIATE COMPANIES Carburo del Cin
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SLOWDOWN AND RECOVERY he economies
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EQUITY n this period there is just
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Since 2001 Abelló Linde and Ibéri
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STOCKHOLDINGS Investment subsidiary
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RESULTS AND THE APPLICATION OF PROF
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FRANCESC CABANA I VANCELLS orn in 1
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AbellÃ³ Linde Centenary Book

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