Tubos Reunidos has informed the National Securities Market Commission (CNMV) of the decision to request the opening of the liquidation phase of the Company. This decision was agreed upon by the Board of Directors in its meeting on 19 October 2026, in common agreement with the Insolvency Administration.
Valuation:
We consider that this outcome is a direct consequence of the evolution of the sales process, in which no bidder has shown interest in acquiring the shares of the company. Furthermore, the inability to reach an agreement with creditors has led the company to this situation, following the notification of the judicial order from 17 June that declared the voluntary insolvency initiated by the company itself in May.
Given the current situation of the process, we cease coverage on the value.