The first significant move by Criteria Caixa following the appointment of Francisco Reynés as executive vice-president last May has been the strengthening of its position in Naturgy. The La Caixa holding acquired an additional 2% of the energy company, one of its main assets, coinciding with the sale of a significant stake by the fund GIP, owned by Blackrock.

This operation is part of the strategic shift led by Reynés to align Criteria's objectives with those of its sole shareholder, the Fundación Bancaria La Caixa. The primary goal is to ensure stable dividends that allow the financing of the Foundation's extensive social work, aiming to allocate over 4 billion euros by 2030.

Last week, GIP Blackrock disposed of just over 7% of Naturgy's capital through an accelerated placement. Criteria, already the energy company's largest shareholder, took advantage of this opportunity to place its stake back around 26%, recovering the proportion it held before the self-tender offer executed by Naturgy last spring.

In addition to profitability, the increased participation reduces the risk of a potential landing of opportunistic funds that could threaten the stability of Naturgy's stock price. The operation involved an investment of approximately 485 million euros for Criteria Caixa, the largest since the acquisition of a 5% stake in the French giant Veolia earlier this year.