La Caixa also rules out entering Europastry's capital.

BarcelonaNeither did Europastry. The other investment announced by Àngel Simón—the former CEO of Criteria, the investment arm of the La Caixa Foundation, who was dismissed a few weeks ago—has been definitively rejected by the current team, of which Francisco Reynés, executive chairman of Naturgy, is the first vice president.

The initial idea was to enter the leading frozen dough production company through a capital increase to reach 20% for around €300 million. The new management—following the mandate of the La Caixa Foundation, which controls 100% of the capital—has ultimately rejected the operation, as occurred a few days ago with the steel company Celsa, another of the investments agreed upon by Simón and one of the reasons why he was dismissed.

Criteria will now act in a more "coherent and coordinated" manner with the foundation. Both entities are chaired by Isidre Fainé, who in the foundation's strategic plan for 2025 to 2030 emphasizes that the objective must be "fully aligned with the principles outlined in the foundation's plan." Criteria, which has the largest portfolio of business holdings in Spain, including Naturgy, chaired by Reynés, supports the social work with the dividends it receives.

Adaptation of the roadmap

One of Criteria's most immediate objectives, with José María Méndez as its CEO, is to adapt its 2025-2030 strategic plan, presented last spring by Simón, and align it with the foundation's. The new roadmap highlights "the strengthening of shared governance between the foundation's board of trustees and Criteria's board of directors," as well as "effective collaboration and synergies between the teams of both entities."

The foundation's strategic plan calls for an investment of €4 billion by 2030, a year in which the budget is expected to reach €800 million. This year's allocation to social projects has already set a record, with €655 million, 9% more than in 2024.