Naturgy shares rose 3.4% on the stock market after CriteriaCaixa’s negotiations with the investor

VALENCIA (EP). Actions Naturgy On Tuesday they rose almost 3.4% on the stock market after confirmation Caixa criteria it is holding “preliminary” talks with a potential investment group that is in contact with some of the energy company’s main shareholders and is interested “in reaching a potential partnership agreement” with the La Caixa investment fund.

In particular, shares of the first gas company and the third largest electricity company in Spain were the best performers of the Ibex 35 of the stock market session, recording a gain of 3.36% at the end of the day, to 21.52 euros, its highest level. the closing price was the highest since late February.

Naturgy shares, which at certain times of the day they skyrocketed to over 8%

lost strength throughout the session, although it ultimately recorded its best trading day since October 14, 2022.

In 2024, Naturgy’s price fell almost 25%, mainly due to a reduction in its free float.

And more than 87% capital from That energy is in the hands of its large shareholders, where they stand out Criteriawhich owns 26.7%, three foreign investment funds –KVKfrom 20.7%; GUI -in the process of being absorbed by the giant BlackRock-, from 20.6%; And IF Mwith 15% – and an Algerian state company Sonatrach (4.1%).

The decline in the company’s stock prices accelerated in mid-January as MSCI’s index review period began, subsequently leading to Naturgy’s exclusion due to its low working capital.

United Arab Emirates

In a statement from the National Securities Market Commission (CNMV), Criterion explained that conversations with this investment group “are at a preliminary stage“, so the final result cannot be predicted.

The investment arm of La Caixa has assured that it is not involved in negotiations with the remaining Naturgy shareholders and that if an agreement is reached, it will be announced publicly.

This Monday, Vanguard announced that Criteria is in talks with United Arab Emirates (UAE) Groupin particular from Abu Dhabi, which could receive shares of the CVC and GIP funds, and that it would be necessary to agree the management of the company with the new investor in order to retain control and veto power on important decisions. .

The criteria stated that the company “regularly maintains discussions to explore alliances with possible partners” to facilitate the restructuring of its shareholders under various formulas.

These meetings also aim to “deepen the transformation and accelerate the energy transition” and are part of the company’s long-term commitment to Naturgy.

In this sense, he referred to a press release published on April 2, in which he “confirmed his commitment as a long-term investor with the industrial project Naturgy” and confirmed his clear support for the transformation plan in which the company is immersed.

Once their investments mature, CVC and GIP, which entered into 2019 and 2016 respectively, may be willing to sell them if a good offer comes along, taking into account that anyone reaching a stake greater than 30% will have to sell apply for 100% takeover.

Although neither of these two large funds currently have any capital gains from their participation, in recent years they have benefited from the dividend policy of the company headed by Francisco Reines, so that from the moment they became shareholders, GIP would have received approximately $1,800 million for 1,200 million CVC. For its part, Criteria would have accumulated hidden capital gains in Naturgy of approximately €1,600 million.