La Caixa acquires 9.4% of the construction company ACS for 983 million, and Fene will join the board of directors
Criteria Caixa, the investment arm of La Caixa, has informed the National Securities Market Commission (CNMV) acquisition 9.4% from the construction company AKS; the position from which he becomes the second shareholder, second only to the leader … company Florentino Pérez, which adds more than 13% through the company Rosán Inversiones. This move is part of the procurement and portfolio diversification policy pursued by the holding company led by Isidro Faine.
Thus, La Caixa is one of the main companies in Capricorn and does it with the corresponding share of shares. This is also due to the policy that Criteria has been following since the arrival of the new CEO and number two of Fainé, Angel Simon, who has a much more active profile.
Reaching 9.4% in ACS will not only change the balance sheet of the construction company’s shareholders, but will also have implications for the company’s senior management body. The criteria will require position on the board of directors, and the chair will be taken by the holding’s president, Isidro Faine.
“This operation is part of Criteria Caixa’s investment policy, which selects leading companies in highly attractive sectors with the ability to grow and create value,” Criteria said.
This ACS landing represents a large cost for Criteria, amounting to approx. 1,000 million euros; specifically, 983 million as they announced. In this sense, it is worth remembering that La Caixa has the financial capacity to carry out this type of operation through cash, undrawn loans and other loans that it may request, as well as the ability to use the dividends that it receives from its investees, especially Caixabank. Naturgy and Telefónica.
“The ACS Group is a global infrastructure operator and supplier, comprising leading companies in the development, design, construction and operation of critical infrastructure projects, as well as next-generation solutions. With more than 135,000 employees worldwide, the group generated a turnover of €35.7 billion in 2023, a year that ended with a project portfolio of €73.5 billion,” noted La Caixa.
In addition, the holding company emphasized that “in recent years, the company has achieved a high level of geographic diversification, focusing on regions with high growth potential, such as North America, Asia-Pacific and Europe. The ACS Group is also distinguished by the diversification of its business, relying heavily on integrated solutions developed by subsidiaries such as Turner (North America) and Cimic (Australia); infrastructure, where Abertis and Iridium stand out; and design and construction, including Dragados.
One of the factors that also influenced the entry into ACS is construction company dividend policy. “ACS’s shareholder remuneration policy of stable and growing dividends, as outlined in its new Strategic Plan 2024-2026, fits into Criteria Caixa’s strategy to seek investment options with a long-term orientation that maximize dividend yield,” La Caixa said. In short, they look for companies with good shareholder rewards in most of their investees.
The holding company continues to consolidate as one of the largest investors in Ibex 35 and is expected to continue on its acquisition path in the coming weeks after submitting a takeover bid with Emirati Taqa for 100% of the shares. Naturgybut not only.
At Telefónica, the 2.5% direct control share has grown to over 5%, and in fact it also intends to reach 10% in telecoms to comply with SEPI and be able to counter the Saudis from STC. At the same time, Criteria also announced a few days ago that it had reached 17% of Colonial.