IFM increases its stake in Naturgy by one point to 16% after failed takeover bid
Naturgy shareholders are moving again. Australian fund IFM increased its stake in the gas company by almost one percentage point. from 15.01% to 16.023%, This is stated in documents published on Tuesday by the National Securities Market Commission (CNMV). The operation performed Informationhappened after an unsuccessful attempt by the Emirati group Taqa for the acquisition of a gas company.
The Australian fund currently has only one director of its own within Naturgy’s management team, Jaime Siles, a man who also heads the fund in Spain. Strengthening the fund’s position in a listed Spanish company brings it closer to major shareholders such as CVC and Global Infrastructure Partners (GIP), both with a little more than 20% capital; And Caixa criteriawho enjoys 26.7% and is in the process of seeking stability in the gas company’s shareholding. For increasing IFM’s participation in the gas company and at current prices, the Australian company would agree to payment of approximately 250 million euros.
The move also comes on the same day that US firm BlackRock is expected to close its acquisition of Global Infrastructure Partners (GIP), which also owns 20.6% of the capital of the Spanish listed company. Thus, the fund led by Larry Fink will acquire a stake in Naturgy. The acquisition, in BlackRock’s case, will be completed for $3 billion in cash and nearly 12 million shares in addition to GIP’s assets and business; which represents a manager’s valuation of $12,500 million.
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