Naturgy is in a key week for a possible purchase of Emirati Taqa.

Public procurement proposal agreed by the national energy company United Arab Emirates Taka on Naturgy, Spain’s largest gas and electricity company is entering a key week in which some doubts about an operation that the government is monitoring with caution.

Taqa confirmed a few days ago that it is maintaining conversations with major shareholders of Naturgy: Criteria Caixa, investment company of La Caixa, owning 26.7% of the capital; British fund CVC (20.7%) and American GIP (20.6%), recently acquired by BlackRock.

Everything indicates that the funds are received capital Naturgy will replace Repsol in 2016 and 2018– they want to sell, while La Caixa wants not only to continue operating in Naturgy, but also to increase its participation, which opens the possibility of a joint takeover bid.

The purchase of capital by CVC and GIP will result in Taqa making a takeover bid. (public takeover offer) for 100% Naturgy, as the law requires this to be done when you want to buy more than 30% of a listed company, in which case between the two funds they are more than 40%.

One of the doubts surrounding the transaction is what Australian fund IFM, which controls another 15% of the shares, will do.

Another unknown is how the government, which is responsible for authorizing the operation and whose coalition partners are divided, will act.

For now, PSOE economy ministers say they are ‘vigilant’ to protect Spain’s strategic interests, while Sumar demanded that the state prevent this takeover bid by entering Naturgy with state capital through SEPI (State Society for Industrial Participation).

Second Vice President and Minister of Labor, Yolanda Diaz

sent a letter to several members of the executive branch, including President Pedro Sánchez, in which he requests “paralysis” of a possible takeover bid for Taqa, given the relevant role of Naturgy in such a strategic sector as energy.