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In January both groups, partners in AGR, announced their entry into ATR through the incorporation of Auto Plus, the Bulgarian partner of the international group, into the joint venture. However, ATR’s Supervisory Board has not approved it, leaving both Spanish wholesalers compound and non-international. After the resolution, the Bulgarian Auto Plus will not remain in the shareholding of AGR.
It was taken with pliers. Integrating ATR’s partner in Bulgaria into AGR, the joint venture created in 2019 by Andel and GrupAuto, was the solution that Spanish wholesalers had found to enter an international group. A solution as bold as it is risky. And it has not strained. The ATR Supervisory Board has not given its approval, also taking into account that in Spain it is already represented by CGA and the structure that the Portuguese group Create Business has on this side of the Iberian Peninsula.
With this resolution, the Bulgarian distributor Auto Plus will no longer hold AGR’s shareholding and both Andel and GrupAuto are left without their expected internationality.
Autopos 11.03.2021
