Half the stock market is protected from hostile takeovers by hard cores.

About thirty companies listed on the Spanish stock exchange have one controlling shareholder with a controlling interest of more than 50%. This is the case Acciona Energía, Ecoener, Endesa, Inditex or ProsegurI’ll give you a few examples.

In othersYes, I like it Acciona (parent company), Metrovacesa, GAM, Soltec or Atresmedia, it is easy to form a core by grouping a maximum of two or three investors. And in special cases, for example Redeya, Enagas and IAG strict legislation prevents capital attacks of these groups are considered strategic assets and are therefore subject to voting rights restrictions.

Generally, half of all companies in the continuous market are protected with a wall of hard core shareholders that is difficult to overcome. This is clear from the analysis carried out by EXPANSIÓN based on the data almost 10,000 shares more than 0.01% in 121 companies listed on the Spanish Stock Exchange.

It is difficult to assess whether the high degree of shareholder concentration in the Spanish stock market is good or bad. This has its pros and cons. This is undoubtedly the best defense against an unwanted takeover bid or any other hostile corporate move.

Negotiate first

The shareholder structure of companies registered in Spain determines these movements. If anyone wants to stay with EndesaYou will definitely have to come to an agreement with Enel, which has 70% (see attached table).

And if you want control Inditex, he must definitely negotiate this with Pontegadea (Amancio Ortega). Same with rovi (Lopez-Belmonte Family) or Ena (Eneira, Government of Spain). Other companies do not have such a clear majority of more than 50%. But if you analyze the entire stock, it is easy to see that forming it is not so difficult.

IN 16 companies have a shareholder who owns between 30% and 49%.. It is not very difficult to form a control group if you wish. In fact, some companies have openly admitted “concerted action” in the capital, which totals more than 50%.

It’s a group case Almiral. It is controlled by two companies from different branches of the Gallardo family, Plafin and Landon, whose shares together amount to more than 60%.

Blood ties

Two branches of the family Entrekanals control more than 50% of Acciona and several affiliates March family They own the majority Alba Financial Corporation. Francisco J. Riberas controls 43% GAMbut for the rest of your family it exceeds 50%.

In addition to blood ties, there are business ties. Group Sefran (José Moreno Riquelme)Founder Soltekowns 42% of this company, and with Raul Morales, another founder and current CEO, adds more than 60%. As long as this tandem is not destroyed, Soltek is invulnerable.

In addition to these relationships, there may be other business combinations that could shape the future of the companies.

Santander controls 49% Metrovachesa. Business Capital Control (Carlos Slim) has 21% and BBVA 20%. Any movement in Metrovases, such as a possible merger with Realia (Slim has 66% through FCC), passes through these shareholders.

Pegasus (a company of Trilantic, Torreal and the Oriol family) owns almost 40% Talgo, is now the subject of a possible takeover bid from Hungarian Magyar Vagon. With a family group Torrblas, add up to 45%. Enough for other family members to join Insurance Oriol and Santalucia add 50%.

Inditex, emblem of Amacio Ortega

• Amancio Ortega is the founder of Inditex and its main shareholder, owning about 60% of the capital.
• He controls this share through Pontagadea and Partler. Sandra Ortega has an additional 5%.

Enel prevents an attack on Endesa

• Endesa, the electricity company led by José Bogas, has capital backed by Italian company Enel, which controls 70.1%.
• Endesa is the second Ibex company with the most concentrated capital after Acciona Energía.

Acciona Energía, the most protected Capricorn

• Acciona Energía is a subsidiary of Acciona, a group chaired by José Manuel Entrecanales, which owns 82%.
• It is Ibex whose first shareholder has the largest shareholding, although it has 115 other major shareholders.

Metrovachesa, from banks to Slim

• Santander is the main shareholder with 49% of Metrovacesa, a group chaired by Ignacio Moreno.
• Carlos Slim follows Capital Business Control (21%) and BBVA (20%).

FCC, dual input control

• 73% of FCC shares are owned by Mexican Carlos Slim through the company Business Capital Control.
• In turn, the FCC, chaired by Esther Alcocer, controls another company on the Realia stock exchange, where it owns 66% of the shares.

Aina, the pearl of the state on the stock market

• Aena, which operates the airport, is one of seven companies owned by the Spanish state.
• This is the state’s crown jewel in the stock market. The state controls it through the company Enaire, which owns 51% of Aena shares.

Eleknor, the oldest defense

• Eleknor has been under the protection of Cantiles XXI since its founding in 1958. Since 2009 they occupy about 53%.
• Cantiles is made up of Basque and Andalusian families, such as the Onchena, Azua Arteche and Gómez de Olea groups.

Gestampe, bastion of Riberas

• Gestamp 2020 accounts for 50.1% of the automotive component manufacturer.
• 75% of the company is controlled by Acek, which also owns a 24% stake in Gestamp, whose main owner is Francisco J. Riberas.

Talgo, possible takeover offer for negotiations

• The Hungarian company Magyar Vagon is planning a takeover of Talgo, the train manufacturer headed by Carlos de Palacio Oriol.
• He must negotiate with Pegaso (Trilantic, Torreal and the Oriol family), Torrblas and Santalucia, who have the majority.

Mapfre: the power of the foundation

• The insurance company, headed by Antonio Huertas, is controlled by the Mapfre Foundation, which owns 69.8%.
• Mapfre, Spain’s largest insurer, is the third group of the Ibex 35 with the most concentrated capital.

Rovi, third generation

• The Rovi Group is headed by Juan Lopez-Belmonte Encina, the third generation of the family.
• The Lopez-Belmontes control the majority of Rovi’s capital through Norbel Inversiones.