The State has stakes in a dozen major listed companies, valued at nearly €50 billion. Its control is at stake in the general elections on November 29.
According to El Periódico Extremadura, the State has direct stakes in a dozen major companies listed on the Spanish stock exchange, with a value close to €50 billion. These stakes span sectors such as energy, defense, telecommunications, transport, industry, and banking, and their control will be contested by Pedro Sánchez's PSOE and Alberto Núñez Feijóo's PP, along with their allies, in the general elections on November 29.
Seven of these companies are in the Ibex 35: Aena, Caixabank, Indra, Telefónica, IAG, Redeia, and Enagás. Three others are listed on the continuous market: Airbus, Ebro Foods, and Talgo. The stakes in the Ibex total over €41.5 billion, just over 3% of the index's capitalisation, which exceeds €1.33 trillion. The three on the continuous market are valued at around €6.4 billion, mostly due to the 4.1% stake in Airbus, valued at about €6.1 billion.
The two largest state stakes are outside the SEPI. Enaire, dependent on the Ministry of Transport, holds 51% of Aena, valued at over €19.3 billion. Meanwhile, the 18% of Caixabank is held by BFA Tenedora de Acciones, controlled by the Ministry of Economy, with a value of around €14.9 billion.
The State Society of Industrial Participations (SEPI), a public holding company under the Ministry of Finance, is the main instrument of the Government in the shareholding of other companies. Through it, the State has returned to the capital of Telefónica with a 10% stake, more than a quarter of a century after its total privatisation. It also effectively controls 28% of Indra, entered with a 7.8% in Talgo, and maintains a 20% in Redeia and a 5% in Enagás.
A potential change in the political colour of the Government after 29-N could alter the governance of these companies, where presidents, CEOs, and dozens of directors are at stake.
You may also like
