La Caixa definitively rules out entering into Celsa's capital.

BarcelonaCriteria, the investment company of the La Caixa Foundation, has definitively ruled out a stake in the Catalan steel company Celsa, currently owned by the former creditor funds. This investment was one of the factors that precipitated the dismissal of Criteria's former CEO, Àngel Simón. At the same time, the chairman of Naturgy (one of Criteria's main holdings), Francisco Reynés, joined the board and was later appointed first vice president. José María Méndez became CEO.

CriteriaCaixa's board of directors is citing the economic situation, that of the financial markets and the sector, and has also "taken into account the fit of the operation within the strategic plan of the La Caixa Foundation, which will be presented shortly, and especially in relation to the capacity of its holdings to meet a sustainable long-term dividend policy. The 20% of the steel company, which was transferred from the Rubiralta family to the creditor funds by court order, announced the beginning of an agreement with Celsa, Criteria itself published another note in the middle of Holy Week in which it cooled the operation. This operation remains under analysis, as is the case with others that are analyzed in the course of CriteriaCaixa's usual investment activity," the note stated.

With Criteria, Celsa consolidated the financial reorganization strategy to promote its industrial plan. New reinforcement of its industrial position "and with important operational improvements that are being carried out with notable success and that are achieving significant increases in EBITDA, as well as a significant reduction in its debt." The company began a process for the incorporation of a permanent, Spanish shareholder.