The sale on the open market comes as no surprise, as the two family branches did not renew the agreement on pre-emptive rights, which expired on 14 July.
Reported by Bankinter
Tussen de Grachten BV, a company based in the Netherlands through which the Entrecanales Franco branch controls 29.02% of Acciona, has sold 3% of the share capital of the company.
The sale of 1.65 million shares was carried out via an accelerated placement targeted at institutional investors at a price of €217.90 per share. Following the completion of the transaction, the remaining shares held by Tussen de Grachten will be subject to a 90-day lock-up period, during which they may not be sold.
The Entrecanales Franco family have explained that the sale is in response to the need for some family members to diversify their portfolio, although they emphasise that none of the sellers hold executive or management roles.
Tussen de Grachten has stated its firm commitment to Acciona’s business project, its alignment with the company’s strategy, and its confidence in and support for its directors and management team.
Bankinter analysis team’s view:
The sale on the open market comes as no surprise, as the two family branches did not renew the agreement on pre-emptive rights.
In January 2025, the Entrecanales Franco family announced that they would allow a 15-year-old agreement with the other family branch to lapse, an agreement which granted the latter the right of first refusal to acquire their shares in the event of a sale. This agreement expired on 14 July, at which point they were free to sell their shares without first having to offer them to their cousins.
With this transaction, the Entrecanales Franco family have reduced their stake in Acciona from 29% to approximately 26%, bringing it into line with the stake held by the other family branch, the Entrecanales Domecq (who hold 26%).
The sale was carried out at a discount of 5.8% compared with Monday’s closing market price, which compares with a discount of between 3% and 7% in similar transactions. None of the sellers hold executive or management positions.
