The Entrecanales family breaks the shareholders’ agreement that they signed in 2011 to provide stability to Acciona’s capital. The two branches of the family, the Entrecanales Franco and the Entrecanales Domecq, which control the capital of the infrastructure and energy company, They will be able to freely dispose of their shares without the obligation to offer them to each other.
Tussen de Grachten BV, a company headed by Juan Ignacio Entrecanales Franco, executive vice president of Acciona, has unilaterally decided not to extend again the agreement reached with Wit Europese Investering BV, the vehicle led by José Manuel Entrecanales Domecq, executive president of the company, which they signed in March 2011 and extended for the last time in 2018. In this way, the agreement will cease to be in force upon its expiration, on July 14, 2026.
The signed agreement almost 14 years ago by Tussen and Entreazca BV –predecessor of Wit– and their respective partners who are descendants of José Entrecanales Ibarra, founder of the company, involved the reciprocal granting of a preferential acquisition right over their respective direct shareholdings in Acciona.
Tussen is currently the largest shareholder of Acciona with a stake that At the end of 2023 it reached 29.02%while Wit controlled 26.10%. Together, therefore, JuanIgnacio and José Manuel Entrecanales, cousins to each other and sons, respectively, of José María and Juan Entrecanales de Azcárate, account for 55.12% of Acciona’s capital.
In his communication to the National Securities Market Commission (CNMV), Tussen assures that “the decision not to extend the agreement again tacitly, with a notice period of eighteen months, does not presuppose intention or will on the part of the shareholders. of reference linked by said agreement to dispose of their shareholdings”. “On the contrary, Tussen expresses its firm commitment to Acciona’s business project, its alignment with the strategy followed by the company, and its trust and support for its administrators and management team,” he adds.
According to sources close to Tussen, this decision is made to “adapt the shareholding regime” to the evolution of the generations of Acciona’s founding family, which are already between the third and fourth. By freeing itself from reciprocal preferential acquisition rights, the Entrecanales Franco branch seeks to obtain more liquidity for its participation in the group, which It has a value, at current prices, of 1,690 million euros (26.10% of the Domecq Entrecanales reaches 1,520 million) and shorten the deadlines in the event of a possible divestment.
However, the same sources insist, in line with the note sent to the CNMV, that there is no intention to sell in the short term. In fact, the agreement will be valid until July 2026.
The sources consulted also remember that the agreement, in any case, did not prevent selling to the market. Thus, in 2020, La Verdosa, owned by the second wife of José María Entrecanales and his two children – the Entrecanales Marsans -, sold the 5.60% of Acciona that it had held since 2018, when the shares were reorganized. La Verdosa left the group and transferred 1.75% to Tussen and Wit and 3.85% in the market.
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