Former ‘CaixaBank’ president Isidre Fainé to chair Gas Natural Fenosa
Criteria Caixa, the industrial holding of ‘La Caixa’, and the oil company Repsol will sell 10% each of their share capital of Barcelona-based Gas Natural Fenosa to Global Infrastructure Partners (GIP) for a total of €3.802 billion. The agreement, signed this Monday, will allow Criteria to remain as the main shareholder of the gas company with a share of 24.4%. The president of Criteria and the ‘La Caixa’ bank foundation,the section of the biggest bank in Catalonia dedicated to social and cultural initiatives, Isidre Fainé, will be the new Chairman of the Board of Directors of Gas Natural Fenosa. Fainé was "satisfied" with the incorporation of GIP. “It is a valuable reinforcement to deal with the challenges that faces the hundred-year-old company”, he stated.
Barcelona (CNA).- Isidre Fainé, the president of Criteria, the industrial holding of Catalonia’s biggest bank ‘La Caixa’, will replace Salvador Gabarró as the president of the energy company Gas Natural Fenosa. This comes after an agreement was signed this Monday under which Criteria Caixa and Repsol will sell 20% of the company to Global Infrastructure Partners (GIP) for €3.802 billion. The bank and the oil company will each offload 10% of the share capital of Gas Natural Fenosa. The agreement will permit Criteria to remain as the main shareholder of the gas company with a share of 24.4%. With the sale, the Catalan firm has achieved a financial surplus of €218 million. Fainé said that he was "satisfied" with the continuity of the Gas Natural project thanks to the incorporation of GIP.
Sources close to the operation confirmed that Isidre Fainé will be the new president of the Board of Directors of Gas Natural Fenosa. According to Annex 2 of the agreement, published as a significant event in the Comisión Nacional del Mercado de Valores (CNMV), the Spanish Regulation Authority of the Stock Exchange Market, it is “reasonable” that the appointment of the president and vice-presidents (one from Repsol and another from GIP) is made by the principal shareholder. Thus, appointments will depend upon Criteria.
In addition, the agreement establishes that representation on the board will be proportional to participation in the capital of the company; in other words, four consultants from Criteria, three from Repsol and three from GIP. The rest of the consultants correspond to an executive and six independents.>
Global Infrastructure Partners (GIP) is an independent infrastructure fund that invests in OECD countries and in some emerging countries. GIP plans long-term investments in individual assets, asset portfolios and companies related to infrastructure, mainly in sectors such as energy, natural resources, transport, water distribution and waste treatment. GIP has its headquarters in the United States.