SEPI, Izar's state holding company, recently had to postpone plans to split the loss-making Izar group's four military and six civilian shipyards into separate companies because of fierce resistance to the job cuts involved.
The State Industrial Holdings Company (SEPI), which is responsible for privatisations, cut the price of the shares by 40% ahead of the flotation in an attempt to attract investors made nervous by the global stock market slowdown.