Chris Hohn, who controls the firm TCI, has become the largest shareholder of Cellnex and has criticised the board of directors and its management over the appointment of the new CEO to replace Tobías Martínez.
The British investor has taken a 9.032% stake in the Spanish telecoms infrastructure giant, compared to a previous holding of 7.086%. With this stake, the tycoon would surpass Edizione, the holding company of the Benetton family, owners of 8.205% of the shares, and the Singaporean sovereign wealth fund GIC, owner of 7.03% of the capital. It also leaves behind the other institutional shareholders BlackRock, Criteria Caixa, Norges Bank and Canada Pension Plan Investment Board.
Hohn has called for the departure of three Cellnex board members, including chairman Bertrand Kan, and directors Peter Shore, who is independent, and Alexandra Reich, who is proprietary, representing GIC. The tycoon has criticised the slowness of the company’s board in electing a new CEO, following the announcement of Tobias Martinez’s departure, scheduled for 3 June. “We have lost confidence in these directors,” Hohn said in a letter to the board, which was leaked to the Financial Times.
In addition, Hohn is asking for a seat on the company’s board, in this case for executive Jonathan Amouyal. In his letter, Hohn hopes that the appointment to the board will be made through constructive dialogue. “However, if this is not possible, his election will be proposed at the next shareholders’ meeting,” he says.
As disclosed by the investor to the Spanish Securities and Exchange Commission (CNMV), the stake is split between 3.119% in shares and 5.913% through financial instruments, especially equity swaps.
According to industry sources, the investor does have the capacity, with the direct 3.11% stake, to request the inclusion of his proposals on the agenda of the Cellnex shareholders’ meeting, scheduled for early June.
Hohn’s advance in Cellnex coincides in time with the acquisition of new positions in Ferrovial by the aforementioned investor, where it has exceeded 7% of the capital, in the midst of the departure of Rafael Del Pino’s group from Spain to establish itself in the Netherlands.
