He is the “owner” of the Ibex 35 and Pedro Sánchez’s government has its eyes on his investments. To date, BlackRock has gone unnoticed by the executive. Not for the large selective companies, accustomed to communicating the new positions of this investment bank to the National Securities Market Commission (CNMV).
The investment group has holdings spread across twenty Ibex 35 companies. Or what is the same thing almost 25,000 million distributed in the shares of the most important Spanish companies after the new operation recently announced. The largest fund in the world has announced the purchase of the infrastructure fund Global Infrastructure Partners (GIP) for approximately 12,500 million dollars (11,415 million euros, at current exchange rates). GIP owned 20% of Naturgy, one of the companies defined as strategic for the Government.
This acquisition is what raised the executive’s doubts. In order for a fund or any investor to acquire 10% of a strategic company, it must communicate it to the State and it will give its approval or not. With the acquisition of the GIP business, BlackRock has become the owner of the share of the energy company and Moncloa understands that it must go through the government’s verdict. “The Government must prevent the acquisition of 20% of Naturgy from BlackRock,” said Sumar’s Economy and Treasury spokesman, Carlos Martín, in a message published on the social network
Given the government’s plans, BlackRock issued a statement arguing against Economía having to greenlight the deal: “Large government deficits mean that mobilizing capital through public-private partnerships will be essential to finance infrastructure. Additionally, as capital has become scarcer in a higher interest rate environment, companies are exploring partnership opportunities for their infrastructure businesses to improve returns on invested capital or raise capital to reinvest in their core businesses.
But beyond Naturgy, Black rock He has a fondness for Spanish energy companies. Specifically, almost 50% of the almost 25,000 million euros invested in Ibex 35 belong to this sector. So much so that he is its largest shareholder Enagaswith 5.42% for a value of approximately 225 million euros.
It owns the same percentage in Iberdrola, but with a share of around 3,900 million euros, around 1,500 million less than what it will obtain with the acquisition of Naturgy. The oil company Repsol It also appears in his portfolio with an amount of 890 million euros (5.5%). The company maintains positions in Redeia (formerly Red Eléctrica), with 5%. Solaria closes the propensity to invest in energy with a participation of around 80 million.
Another strategic company invested
Pedro Sánchez’s government has increased interest in Telefónica, one of the companies considered strategic also for its fundamental role in network access, for its activities in cybersecurity and for the countless contracts signed with the State in such important sectors of Defence.
BlackRock is the owner of the 5% of Telefonica with an investment of approximately 890 million euros. The institute, therefore, is one of the main owners of the operator. Thus, both the government and the “owner” of the Ibex 35 will face each other in the telecommunications company, as the state will increase its stake to 10%.
Telefónica isn’t the only tech company BlackRock holds positions in. Amadeus, a company that provides technology services to the tourism sector, is the other big bet on the Ibex 35, with 5.2%. Cellnexa tower company that expands across much of the world, is 5% owned by the investment fund.
The banking sector, another leading sector
BlackRock maintains a strong interest in the Spanish banking sector. The investment fund is the largest shareholder BBVA and Santander. The investment bank noted this year how the rate increase helped it increase its potential in the Spanish banking sector as shares of the Ibex 35 institutions strengthened last year.
Only Unicaja and Bankinter are the only entities exempt from BlackRock in their shareholding. The fund therefore owns 5.9% of BBVA, 4.99% of CaixaBank, 3.96% of Sabadell and 5.4% of Santander. Outside of the banking sector, the US bank’s most important position is in swimming pool manufacturer Fluidra, in which it holds an 8% stake.
The propensity to invest in BlackRock also shifts to Fluidra. He is in fact the largest shareholder of the company and his share rises to over 6%. The latest acquisition took place in November last year.
The real estate sector is not exempt from BlackRock’s tentacles, even if it is true that the amount invested Colonial does not exceed 130 million euros. The bank holds 3.9% of the shares.
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2024-01-20 23:10:00
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