Criteria becomes second biggest shareholder in ACS with a 9.4% stake
Adds proposal from ACS to get a seat on ACS's board, share price of ACS, Criteria's strategy context
MADRID, May 24 (Reuters) -Spanish holding company Criteria said on Friday it had become the second-biggest shareholder in ACS ACS.MC after buying a 9.4% stake in the construction company for 983 million euros ($1.06 billion), as it expands its investments in leading companies in Spain.
Following the stake purchase, Criteria, which is the biggest shareholder in Caixabank CABK.MC, will propose to ACS's board the appointment of its chair Isidro Faine as a proprietary director of the construction company.
At 0853 GMT, shares in ACS were up 0.5% at 39.92 euros, while Spain's leading blue-chip index Ibex-35 .IBEX was down 0.7%.
Criteria has recently stepped up its strategy to expand its portfolio in strategic sectors of the Spanish economy. It increased its stake in Telefonica TEF.MC to around 10%, said it will become the biggest shareholder in real estate group Colonial COL.MC with a 16.78% stake and became shareholder of beauty group PuigPUIGb.MC.
Criteria is also in talks with Abu Dhabi's TAQA TAQA.AD and other key shareholders of Spanish energy firm Naturgy NTGY.MC, with a view to a possible full takeover bid for the energy group.
($1 = 0.9244 euros)
Reporting by Joao Manuel Mauricio in Gdansk and Jesús Aguado in Madrid, editing by Inti Landauro and Susan Fenton
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