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Naturgy faces a key week for the offer of the Emirati energy company Taqa

Date: July 18, 2024 Time: 04:21:38

Taqa’s takeover bid for Naturgy enters a key week, when some doubts about the operation are expected to be cleared up. The Government is closely monitoring the possible entry of the national energy company of the United Arab Emirates into the largest Spanish gas and electricity company.

The Emirati company announced last week that it is negotiating with the energy company’s shareholders, which include La Caixa’s investment company, Criteria Caixa, which owns 26.7% of the capital. The British fund CVC, on the other hand, controls 20.7% and the American fund GIP, recently acquired by BlackRock, 20.7%.

Market analysts expect that the two funds, which entered Naturgy’s capital in 2016 and 2018 to replace Repsol, plan to sell, while La Caixa is considering the opposite strategy. In fact, everything indicates which criterion they would want to increase their participation in the company.

The purchase of the capital of CVC and GIP would lead Taqa to launch a takeover bid (public acquisition offer) for 100% of Naturgy, since the law requires it to be done when you want to buy more than 30% of a listed company and, in In this case, between the two funds they exceed 40%. One of the doubts surrounding this operation is what the Australian fund IFM, which controls another 15% of the shares, will do.

The Government monitors the operation

Another unknown is how the Government, which is responsible for authorizing the operation and in which the coalition partners are divided, will act. For the moment, the economic ministers of the PSOE say they are “vigilant” to defend the strategic interests of Spain, while Sumar has demanded that the State prevent this takeover bid by entering Naturgy with public capital, through the SEPI (State Participation Company). ). Industrial).

The second vice president and Minister of Labor, Yolanda Díaz, has sent a letter to several members of the Executive, including President Pedro Sánchez, in which she requests the “paralysis” of the possible Taqa takeover bid, given the relevant role of Naturgy in a strategic sector such as energy. Sumar wants the Government to veto an operation that it considers a “threat to the strategic interests of our country, to our sovereignty and to national security,” according to its spokesman in Congress, Íñigo Errejón.

The third vice president and minister for the Ecological Transition, Teresa Ribera, has insisted in recent days that it is “premature” to consider whether the State should enter Naturgy, while the first vice president, María Jesús Montero, has assured that the Executive is blocking ha “with discretion and calm” to save national interests.

joint takeover bid

The takeover bid for the Emirati energy company, which could exceed 20 billion euros, would be the largest in Spain since the one launched by Enel and Acciona for Endesa almost twenty years ago. In recent hours, the possibility of Criteria joining Taqa to make a joint purchase offer that would allow the company to maintain its Spanish identity has gained strength in the market. The Government would thus obtain the guarantee that there is a reference Spanish shareholder with weight on the board of directors.

Emirate investor interest in Spain

Abu Dhabi, the capital of the United Arab Emirates and one of the main oil producers in the world, has diversified its strategy towards renewable energies in recent years and in this transition is demonstrating its investment interest in Spain.

Thus, the Emirates are already present in the Spanish energy sector, where their sovereign investment fund Mubadala Investment Company controls 63% of the oil company Cepsa. Since 2020, Mubadala also has a 3.1% stake in Enagás, the natural gas transportation company and technical manager of Spain’s gas system, which makes it the fifth largest shareholder.

* This website provides news content gathered from various internet sources. It is crucial to understand that we are not responsible for the accuracy, completeness, or reliability of the information presented Read More

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.
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