Sánchez's crusade to break the PP's power in Madrid

Madrid / Barcelona"Pedro Sánchez understands the culture of power very well." This is a phrase often repeated about the Spanish prime minister when asked about the plans of the Moncloa government to extend its influence beyond the political sphere. Since taking office, he has not been content to survive with a fragile majority in Congress, but has instead been committed to playing strong in strategic sectors of the state, with the idea of breaking the PP's power in Ibex 35 companies, but also of strengthening Spanish public power against the influx of foreign capital. The context is in his favor: since the COVID-19 crisis, the European Union has endorsed greater public sector intervention in the economy and the commitment to strategic autonomy.

To understand the current situation, it is necessary to go back to the era of the privatizations of public companies under José María Aznar (PP), which Felipe González's PSOE had initiated. Aznar's privatizations allowed the PP to consolidate its influence in large corporations, and he did so without hesitation. An example was that of Telefónica, alongside César Alierta, a close associate of Aznar, in 2000. His predecessor, Juan Villalonga, had also been a classmate of the PP.

Sánchez is now trying to position his supporters, an important element of his strategy in Catalonia: he has placed Catalan executives close to the PSC in key positions, and Salvador Illa's discourse from the Generalitat is precisely to act as a countervailing power. in Isabel Díaz Ayuso's Madrid, the core of anti-Sanchism and a PP stronghold that is already known as Madrid DF.

Among the companies in which the State has a presence, the following stand out: Antoni Llardén, president of Enagás, or Mauricio Lucena, president of Aena. However, one of the operations that epitomizes this game is Telefónica's. After the earthquake that brought about the entry of the Arab group STC, the State is once again the largest shareholder. To preside over the telecommunicationsSánchez has chosen Catalan Marc Murtra, linked to the PSC and especially Isla, despite the director's efforts to remove this shadow. Murtra has also made moves, both inside and outside the club. Among the names he has chosen for his team is Javier de Paz. close to José Luis Rodríguez Zapatero, whom he has promoted to president of Movistar+.

Murtra's arrival at Telefónica was preceded by his entry into Indra in 2021, one of the first examples of how Sánchez has wanted to gain a foothold in strategic sectors. In this multinational, now a key piece of the rearmament, the State is the largest shareholder via SEPI, the investment arm of the Spanish government, and put an end to the era of Fernando Abril Martorell, linked to the PP, and the block of advisors close to him. This unleashed a political earthquake. In the Prisa Sánchez group there has also been an attempt a failed operation Through José Miguel Contreras, a trusted individual, the launch of a television station to counter the right-wing media. The company's president, Joseph Oughourlian, has ruled out the project, and there have been dismissals of officials close to the Moncloa, with a crisis in the group that owns the station.The Country.

"Calling him at Moncloa was inappropriate."

"It's normal that if the government enters a company and invests money, it means its own. Any major shareholder wants it," notes a former senior Sánchez official now in the private sector. This maxim is echoed by other voices. What generates suspicion, business sources point out, is the method used; for example, how José María Álvarez-Pallete from Telefónica was dismissed: "Summoning him at the Moncloa Palace was inappropriate," this source notes, an opinion echoed by an Ibex 35 executive. However, another business source says the PP did the same: "Sánchez has no problem defending the state's presence in strategic sectors. The right, on the other hand, always did so behind his back because they, as liberals, refused to invest in companies' capital."

But appointments are not the only avenue through which Sánchez exerts influence. The anti-money laundering shield approved during the pandemic, and in force until 2026, has allowed the Spanish government to have its say in the face of the entry of foreign funds: the veto of the Hungarian takeover bid for Talgo and support for a Basque consortium to control it; the conditions imposed on STC Group for entering Telefónica, or those imposed on the IFM fund when it acquired Naturgy. The government also insists that the doors are open to investors. A key role in this strategy is played by Isidre Fainé, chairman of La Caixa, and his holding company, CriteriaCaixa, which is experiencing a period of investment excitement coinciding with the arrival of Àngel Simón as its new CEO. He is also considered close to the PSC.

Criteria has a strong presence in strategic sectors that the Moncloa has its eye on. It's worth remembering that Marc Murtra is also a patron of the foundation. Those close to La Caixa deny that there is any Entente politics, but he does talk about coexistence, as he would under a PP government. "[La Caixa] is playing the fool," says one source. Another Catalan politician with close ties to the business world claims that La Caixa has distanced itself from the PP, and says the same about Banc Sabadell. It should be noted that the return of headquarters to Catalonia is a success for the Moncloa's discourse of political normalization.

The leg of the plurinational majority

Together, they're also taking advantage of their decisive role in Madrid to gain ground in the economic world. It's no secret that they're on a honeymoon with Foment (Foment), as Josep Sánchez Llibre has long been keen to strengthen his relationship with former president Carles Puigdemont. The bridge, beyond Míriam Nogueras and Jordi Turull, is Albert Batet. Sánchez Llibre also has close ties with Isla.

As a result of all this, Ramon Tremosa, former minister and until now a Barcelona councilor, has become the new director of Aena in the midst of the debate over the expansion of El Prat airport. They've also introduced new members to the board of directors of RTVE, such as journalist Miquel Calçada, and to the CNMV, with former police director Pere Soler. ERC also promoted economist Jordi Pons to the Bank of Spain and Sergi Sol to RTVE. In the private sector, there are some signings that can be interpreted as nods to Junts. Enagás' board of directors will incorporate Elena Massot, former president of the pro-independence organization Femcat. Junts seeks to rebuild the bridges that fell apart in 2017 and regain influence in Madrid.