CriteriaCaixa buys 9.4% of ACS shares for 983 million euros, and Fane will join the board of directors

CriteriaCaixa, the industrial division of the La Caixa Banking Foundation, became a shareholder of ACS after buy 9.4% of the company’s capital for 983 million euroswhich will allow Isidro Faina, president of Criteria, to join the board of directors of the construction company.

Criteria carried out this transaction by purchasing a total of 25,431,299 of ACS’s own shares after the preliminary closing of the company under the chairmanship of Florentino Perez. two forward contracts affecting treasury sharesrepresentative of 9.361%, as reported by the National Securities Market Commission (CNMV).

ACS sources consulted by Europa Press declined to comment further on the matter, limiting themselves to reproducing two relevant facts that were reported to the supervisor: the first relating to the cancellation of forward contracts, and the second regarding the transaction itself. .

After the operation Criteria Caixa will become second largest shareholder of ACS and will propose to its board of directors to appoint Isidro Faine as its own director, as announced in a statement by the investment holding Caixa.

The first shareholder of ACS is Florentino Perez, who controls about 14% of the shares, followed now by Criteria, whose participation is already visible on the CNMV portal, BlackRock (4.5%) and Vanguard (3.4%). Companies associated with Alberto Cortina and Alberto Alcocer (“Albertos”) control about 4%.

The criterion states that this operation is part of its investment policywhich seeks to select “leading companies in highly attractive sectors with the ability to grow and create value.”

This takeover of 9.4% of ACS shares by Criteria follows the intention of the holding company La Caixa increase its stake in Telefonica to 10% and acquire 17% of Colonial or 3% of Puig, while preparing to strengthen its position in Naturgy as part of a takeover bid planned by Emirati group Taqa.

Currently, in addition to the 31.9% stake in CaixaBank, Criteria controls 26.7% of Naturgy, 4.3% of Cellnex, 5.007% of Telefónica, 3% of Colonial Socimi, 99.5% of Saba car parks and 15% of Aguas de Barcelona. Internationally, it owns 19.2% of Bank of East Asia and 9.1% of Mexican financial group Inbursa.

As of December 31, 2023, the total gross value of all its assets was €26.5 billion, 86% of which are highly liquid. 42% is concentrated in listed shares related to banking, another 42% in listed shares in the industrial or service sector, and 10% is concentrated in the real estate business.

“Becoming a shareholder of ACS also contributes to CriteriaCaixa’s continued strengthening the asset structure of the La Caixa Foundationwith the goal of creating the necessary economic resources that will enable its social activities to continue to contribute year after year to the development of a society that provides more opportunities to those who need it most,” states the Criterion.

New dividends from ACS

As for the ASC, it has 135,000 employees worldwidewith an annual turnover of more than 35.7 billion euros and a portfolio of projects of 73.5 billion euros, with a strong presence in the USA and Australia.

Caixa’s investment arm also highlights the dividend policy paid by the Florentino Pérez group, such as the 507 million euros it will pay as the next payment in July at a rate of 1.55 euros per share.

Moreover, ACS has already presented its latest strategic plan, which plans to distribute some €2,000 million in dividends over the next three years (average 667 million per year), thanks to the intensification of its activities, profits of between 850 and 1000 million euros are expected in 2026.

The construction company’s shares rose 0.45% on the stock market after 11:00 am this Friday until each of its shares was trading at 39.92 euros, corresponding to a market capitalization of 10,840 million euros.