An investment in Spain of 51,000 million with which I reigns at Ibex 35

A good part of that figure is in the IBEX 35. And a large amount is concentrated in two sectors for which Blackrock has traditionally bet, not only in Spain, but around the world: banking and energy.

The highest percentage of control is held in Naturgy with almost 21% of the capital, although its participation in the gasist has not built it over the years, but is inherited from having bought the GIP fund. And in this company it maintains what for the American Fink Fund is almost an anomaly: it is represented in the Naturgy Council with three members. Blackrock’s policy is usually not interfering with the councils and being a financial partner, although in practice it does have weight in draft decisions as a shareholder in the companies in which it is. In Spain, at least among the largest companies, it is only sitting in the Naturgy Board of Directors, where it could come out in the future.

However, the gasist is not its greatest exhibition in Spain, since it has a current value of about 5.105 million euros. In BBVA, Iberdrola and Banco Santander have participations below 7% in all of them, but their stock value is much greater since the capitalization of these three is much higher than that of Naturgy. In the Basque Bank it has 5,163 million euros; in Energy, 5,950 million; and in the Cantabrian entity, 6,544 million. About 44% of the 51,000 million declared are accumulated in just four IBEX 35 companies, a percentage that has gone more to the revaluation he has lived in some of his companies such as Iberdrola, BBVA or Santander.

Banking and energy, in addition to infrastructure –And if they are better renewable, they are the crown jewel of their investments in Spain. Apart from those mentioned, Blackrock has a presence in other companies in those sectors such as Bankinter, Caixabank, Banco Sabadell, Repsol, Enagás, Redeia and Solaria. This in regard to significant participations notified to the National Securities Market Commission (CNMV), but the reality is that historically it has also been in companies such as Endesa or Unicaja.

The OPA to Sabadell

In this sense, its influence points to transcendental in one of the great operations of recent years, the BBVA OPA to Sabadell, where it is the first shareholder of both. A transaction on which it has always kept silent, at least in public.

It also has participations in Telecos – thetefonica and Cellnex–, real estate – colonial and Merlin – and builders – cherrovial, Sacyr, ACS, ACCIONA -, among others. Very diversified participations in the IBEX 35, but also in the continuous market in other multi -sectors smaller companies.

Blackrock’s, thus, is a history of power and influence with a real and physical presence quite reduced in the countries in which it is. In the Spanish office, based in Madrid, dozens of managers barely work, led by the boss in Spain, Luis Megías, A figure that does not usually lavish in public. Regarding the results of the group worldwide, Megías pointed out in a publication in networks that «2024 was an exceptional year for Blackrock thanks to our clients. Citing Larry: ‘It’s just the beginning.’ And the truth is that despite being the King of Ibex 35, its transcendence is much more global than local. In the world it manages about 10.6 billion euros to the current change, which accounts for the relative weight of at least 51,000 million declared in Spain.