Inditex founder Amancio Ortega expands his commitment to the Spanish energy sector. Through his company Pontegadea Inversiones, Ortega has entered the capital of the Red Eléctrica group (REE) with a 5% stake, valued at around 456 million euros. It is added to the 5% it already has in Enagás, REE’s counterpart in the gas system.
Amancio Ortega enters the energy sector and buys 5% of Enagás for 281.64 million
The richest man in Spain has surfaced that participation in the electricity grid operator, a package of some 27,054 million shares, as recorded in the records of the National Securities Market Commission (CNMV). The titles of the owner of the high voltage network closed this Thursday on the stock market at 16.855 euros per share, 1.57% more.
Ortega becomes the second shareholder of the company, only behind the State, which owns 20% of the capital through the Sociedad Estatal de Participaciones Industriales (SEPI). The third shareholder of the company chaired by Beatriz Corredor is Blackrock, with 3.14%.
The group this week announced a profit of 358.2 million in the first semester, 8% more, thanks to the greater contribution of the international business, satellite and fiber optics and the improvement of the financial result.
The participation of Pontegadea Inversiones in REE is the maximum that an investor can take in the company due to the legal limitations to participation and the political rights applicable in its shareholding in order to guarantee the independence of the company from the other activities and agents of the electricity sector, given that the activities carried out by the company – the transport of electricity and the operation of the electricity system – are considered an essential service.
The limit for any natural or legal person is 5% of the share capital, not being able to exercise political rights above 3%, while if the investor carries out activities in the electricity sector they will not be able to exercise political rights above 1%, although owns that maximum of 5%.
The exception is the special regime for SEPI, which must have, in any case, a participation of not less than 10% of Red Eléctrica’s share capital.
In December 2019, Pontegadea already landed at Enagás, the gas network manager, with the purchase of 5% of the capital for 281.63 million in a capital increase that equaled its stake to that of SEPI, although not has asked to join the board of directors of the owner of the Spanish gas pipeline network.
In addition to these stakes and the 59.294% in Inditex, Pontegadea has significant financial stakes in Telxius (9.99%), the sale of which has just been agreed by Telefónica.
The Pontegadea Group, which brings together all the portfolio companies owned by Amancio Ortega, its subsidiaries engaged in the real estate business and other financial interests, closed the 2020 financial year with a net profit of 666 million, which represents a drop of 62% compared to the previous year, the first in its history, due to lower dividends from Inditex, which brought down the turnover by 43%, to 2,261 million.