La Caixa will review whether it enters the capital of Europastry

BarcelonaA new phase for Criteria, the investment arm of the La Caixa Foundation. The holding company has reviewed some of its latest investments, including the Catalan frozen dough manufacturer Europastry, according to a statement released by the company. The Confidential and sources close to the entity confirmed to ARA. This decision comes in the new era of Criteria with Francisco Reynés as first vice president, who took office a few weeks ago after the departure of Àngel Simón as CEO.

Last March, with Simón still at the helm, Criteria announced that it would invest in the company's capital, of which the Gallés family is the main shareholder, with a 20% stake and an investment of approximately 300 million. This transaction has now been reviewed to determine whether it fits into the investment strategy. This comes the day after definitively renouncing to enter the capital of the steel company Celsa, one of the factors that led to Simón's removal from office.

The foundation decided to bring Reynés on board as a Criteria board member and later appointed him first vice president. José María Méndez, who came from the Spanish Confederation of Savings Banks (CECA), subsequently became the holding company's general manager. Reynés is also reviewing Criteria's strategic plan, presented last spring by Simón, to align it with the foundation's.

Dividends and social work

In fact, the goal is to "align Criteria's strategy with that of the La Caixa Foundation," which receives dividends from the company's holdings to fund its social work, according to the sources consulted. The foundation plans to present its 2025-2030 strategic plan next week. The foundation, of which Reynés is also a trustee, has Josep Maria Coronas as its general director, who is also secretary of the board and Criteria's governing body.

This week, it was approved that Criteria—like the foundation, is chaired by Isidre Fainé— distribute a dividend of 140 million euros. This payment, which will be made over the next two months, is in addition to the payments already made so far this year. In total, €360 million will have been distributed.

Last year, Criteria transferred more than €400 million to the foundation. The goal is to contribute €700 million by 2030, according to the strategic plan approved last spring. In addition to the dividends from the shares, the charity's work also benefits from the tax impact of the integration of CaixaBank (the foundation is its largest shareholder through Criteria), the foundation, and Criteria. Consequently, the total budget for the charity's work, which this year reached a record €655 million, exceeds the contributions from the investment holding company.

Criteria holds the largest portfolio of corporate investments in Spain, as a key shareholder in CaixaBank, Telefónica, Naturgy—of which Reynés is the executive chairman—and ACS, among others. Under Simón, who developed a new strategic plan, the bank aimed to reach the end of the period (2030) with a portfolio value of €40 billion. It currently exceeds €30 billion.