Paula María Madrid

Madrid

Updated Tuesday,16January2024 - 12:45

The most progressive wing of the political spectrum doesn't trust BlackRock. In Sumar, Pedro Sánchez's government partner, suspicion has been aroused by the spokesman for Economy and Finance in Congress, Carlos Martín, who today demanded that Moncloa veto the purchase of 20% of Naturgy by the management company led by Larry Fink, through his X account (formerly Twitter). The former's claim has been joined by the former Minister of Equality and political secretary of Podemos, Irene Montero, who has gone a step further by attacking the world's largest investment fund unequivocally and through the same social network: "Vultures are stared in the face".

The two reactions are in response to BlackRock's announcement last Friday about the acquisition of Global Infrastructure Partners (GIP). This is the one who, to date, holds a 20% stake in the gas company, which makes it the second largest shareholder, behind CriteriaCaixa, and on a par with the CVC fund. A priori, its stake will pass into the hands of BlackRock once the transaction closes, which is expected to happen in the third quarter.

For Sumar's spokesman, the government must prevent this from happening under the argument that BlackRock "has colossal dimensions and significant stakes in 19 important companies in the country." "Their growing power threatens our autonomy," Martín said this morning in reaction to a report in El Confidencial that the Ministry of Economy is already analyzing the aforementioned corporate operation.

Other reasons, Montero alleged: "Energy is a right, not a business. If the vultures want to take control and put democracy at risk, Spain must deepen its intervention in this strategic sector and create a public energy company. Vultures are looked at face to face."

If necessary, the tool with which the Government could stop BlackRock's entry through the front door that prevents BlackRock would be Royal Decree 571/2023, on foreign investments, popularly known as the 'anti-takeover' decree. This is a measure that the Executive activated during the pandemic to prevent the assault on the demolition of foreign investors in national companies, whose valuation had been diminished by the ravages of the coronavirus. On 4 July, the Council of Ministers redesigned this state coat of arms.

A great investor without a board seat

The reluctance that both politicians have expressed in the face of

Among other holdings, the fund holds a 5.25% stake in Iberdrola, 5.048% in ACS, 5.306% in Repsol and 5.08% in Santander, according to the records of the National Securities Market Commission (CNMV).

"Their growing power threatens our autonomy," concludes Martín about BlackRock's different positions in several Ibex 35 companies.

Europa Press