The CaixaBank Group comes out in defense of Telefónica’s Spanishness. It’s not bad at all as an idea. Above all, when remembering now that almost twenty years ago the then PP government stopped the takeover of Gas Natural to control Endesa and that picturesque phrase was heard that “before it was German than Catalan”, so that the electricity company ended up in the hands of the Italian Enel.
Times have changed and the CaixaBank Group has been able to combine its economic interests and profitability with the contribution of resources to its foundation, the second largest in the world. And today, in the unstable international situation that exists, it is essential that you choose to help the interests of the country. The surprise emergence of the state company Saudi Telecom into Telefónica’s shareholding with the acquisition of 4.9% and its intention to aspire to reach 10% turned on all the alarm lights in the Government due to fear of losing control of a strategic company. Thus, it began a shielding operation that has involved increasing its own participation in the council, through SEPI, going to 3% but with the intention of reaching 10%. As if this were not enough, Criteria Caixa, the holding company that manages the business assets of the La Caixa Foundation, informed the National Securities Market Commission (CNMV) this Monday that it has reached 5% of the capital of Telefónica, to which We must add the 2.51% that CaixaBank has – for the moment –, also owned by Criteria.
The holding company chaired by Isidro Fainé is fighting another battle, aligned with the Government of Pedro Sánchez, in another key strategic company such as Naturgy. The movements of the funds that have shares in the energy group led Criteria to have to stand up and impose its status as the largest shareholder to defend the management of the president, Francisco Reynés. The volatility of the international economic situation and the ambition of these groups means that governments have to be vigilant so as not to lose their dominance. What is clear is that the Caixa group assumes a role as a loyal partner of the current Government and any other that may come in the future to prevent strategic companies from escaping state control.
