CriteriaCaixa was once a major shareholder in Agbar, alongside the French company Suez. But in 2014 Suez acquired 100% of the water company and, in exchange, Criteria became the second largest shareholder in Suez, with 7% of the capital. In 2020, Veolia launched a takeover bid for 100% of Suez valued at 13 billion euros and in 2022 Criteria sold its stake for 750 million euros. Veolia thus took control of Agbar, despite the fact that the French multinational and Criteria continued as partners in the joint venture Aigües de Barcelona (Agbar has 70%, Criteria 15% and the AMB another 15%), which serves 23 municipalities in the metropolitan area. Despite the tensions between Veolia and Criteria within this joint venture, particularly over the investment plan linked to the drought, Criteria will now enter the French company's capital as a stable partner. Indeed, the president of Agbar while all these movements were taking place was Ángel Simón, who finally left the post in June of last year. For just over a year, Simón has been the CEO of CriteriaCaixa.
Criteria to buy 5% of Veolia, Agbar's parent company
The operation is worth around €1,000 million and the Caixa holding company will have a representative on the French company's board
BarcelonaCriteriaCaixa, the investment holding company of the la Caixa Foundation, announced on Tuesday that it will buy into the capital of the French company Veolia Environnement, the company that is the main shareholder of the Agbar group. In addition, CriteriaCaixa will have a representative on the board of directors of the French group. According to both companies, this is a stable participation agreement. In fact, CriteriaCaixa has committed to remain in the capital of the French company for at least two years. Although the price paid has not been disclosed, it is estimated to be around 1,000 million euros, according to sources close to the operation.
This investment by CriteriaCaixa in Veolia, a world leader in ecological transformation, reflects the commitment of the holding company chaired by Isidre Fainé to Veolia's vision and strategic direction, and in particular to the GreenUp plan, a programme whose investment profile offers its shareholders the opportunity to create sustainable value, said the H. This investment is also based on the values promoted by Veolia and its global approach to managing its activities and relations with employees, partners and stakeholders, worldwide and in the context of the company's commitment in Spain.
With a representative on Veolia's board of directors, to be proposed at the next general meeting of shareholders, CriteriaCaixa, as a reference shareholder, will support the strategic direction, governance and independence of the company, both on the board and at the general meeting. Through this representative on the board, CriteriaCaixa ensures that it will be able to contribute significantly to Veolia's governance and long-term success.
The acquisition of Veolia's 5% stake will strengthen CriteriaCaixa's diversification portfolio, which has been growing in recent months, for example, by increasing its stake in Telefónica or by buying into the capital of the construction company ACS, chaired by Florentino Pérez. The operation will also be an important milestone in the company's 2025-2030 Strategic Plan, which prioritizes its role as a stabilizing agent of the economy and reinforces its commitment to companies in strategic sectors such as banking, energy, telecommunications and theutilities, as well as promoting future industrial development through investment in new sectors.
Two years of stay
CriteriaCaixa will not exceed 5.5% of its stake in Veolia, and will remain a shareholder for at least two years. CriteriaCaixa's chairman, Isidre Fainé, has expressed his commitment and involvement with Veolia: "It will strengthen the equity structure of the la Caixa Foundation, with the aim of generating the financial resources necessary to continue developing our social and philanthropic activity."
Antoine Frérot, Chairman of Veolia, said: "We are delighted to welcome CriteriaCaixa, a company we know well, to our Board of Directors. Veolia is convinced that, through this investment, the commitment of this partner in support of our strategic plan and our independence will create shared opportunities and will have a positive impact on our business."