Ángel Simón places Criteria on the offensive | EUROtoday

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Isidro Fainé Remember, yesterday he did it once more, that La Caixa was born with a share capital of the equal of 526 euros. The president of Criteria says it first in pesetas, about 87,000, to emphasise the journey of the entity that turns 120 this yr.

The reference units the compass needle of the holding in the direction of social work, even on the day when Angel Simon has deployed all of the sails of its 2025-2030 strategic plan, so aggressive that even its personal designer finds it tough to conform.

Revolution and legacy – Simón and Fainé – appeared yesterday on the operational headquarters of CaixaFinancial institution in Barcelona, ​​the place the executives of the investees attended, beginning with Gonzalo GortazarCEO of the financial institution, and Francisco Reynespresident of Naturgy, huge elephant within the room because of the failure of the takeover bid with Taqa.

The weight of the elephant threatened to overshadow the magnitude of a challenge wherein Simón has put Criteria on the offensive. He has been saying since he was commissioned to be the primary government that “he has come to do something” and that one thing has to do with virtually doubling investments past the long-term strategic belongings which have characterised the economic portfolio.

At the time there have been doubts in Criteria about whether or not to current the strategic plan earlier than the summer time or after. Simón has moved ahead regardless of the fuel firm's shareholder instability. There is stress in Naturgy on account of stress from CVC and GIP and the guerrilla of the Australian IFM, who is taken into account a disloyal companion. Also due to the run-in with Veolia. The French water firm has accused Criteria of destabilizing it. Simón has left the Barcelona Water Council. Reynés, for whom the scenario has brought about some discomfort, is in Veolia.

Naturgy was the one firm that seems by identify within the presentation that Criteria despatched to the CNMV. The chief government expressed his help “for the current management team” and is set to resolve the battle as quickly as he can, with or with out splitting it up.

The different two strategic investments will proceed to be CaixaFinancial institution, the place Criteria has 31% and won’t transfer from there, and Telefónica, the place it’ll foreseeably develop. However, strategic investments will barely move 55% in Simón's mandate, as an alternative of the present 74%.

And the push in presenting the plan contrasts with the date of its entry into pressure -2025-, however the brand new CEO wants a race of a number of months and lots of curves to activate the opposite factors of his plan. Firstly, people who fall inside the diversification package deal, amongst that are ACS or Puig. Florentino Perez despatched his CEO, Juan Santamaria, to the home of his new reference advisor and neighbor on trip in Menorca. Pérez and Fainé haven’t missed the assembly on the island within the center week of August nor through the pandemic.

ACS and Puig are the emblems of the belongings wherein Simón applies his “I have come to do something” by affect in his enterprise. For the chief government it is going to be a primary sort of funding as a result of it offers liquidity and geographical diversification. Assets primarily based in Spain and international enterprise will develop as an entire however will lower in amount. The divestments will have an effect on dozens of corporations. Investment in personal fairness targets corporations which have a turnover between 100 and 150 million within the know-how sector and threat, probably within the United States.

“Focus de future, you will be there the rest of your life” was the epitaph that Fainé selected to complete setting the compass needle. He learn it on a plaque throughout a visit to Davos (Switzerland) and yesterday dozens of senior managers and journalists who attended the decision heard it. There was no politician from probably the most turbulent autonomy in Spain. His affect additionally needs to be a factor of the previous.