MADRID, April 16. (EUROPE PRESS) –
Shares in Naturgy rose almost 3.4% on the stock market on Tuesday after CriteriaCaixa confirmed it was holding “advanced” talks with a potential investment group that is in contact with some of the energy company’s major shareholders and is interested “in reaching a potential partnership agreements.” “with the investment fund La Caixa.
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 soared more than 8% at some points during the day, lost momentum throughout the session, although they ultimately recorded their best trading day since Oct. 14, 2022.
In 2024, Naturgy’s price fell almost 25%, mainly due to a reduction in its free float.
Moreover, more than 87% of the energy company’s capital is in the hands of its large shareholders, among which are Criterion, which has 26.7%, three foreign investment funds – CVC, with a share of 20.7%; GIP – in the process of being acquired by the giant BlackRock – from 20.6%; and IFM with 15% – and the 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 GROUP.
In a statement from the National Securities Market Commission (CNMV), Criterion explained that negotiations with this investment group are “at a preliminary stage”, so the final outcome 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, La Vanguardia announced that Criteria is in talks with a group from the United Arab Emirates (UAE), in particular Abu Dhabi, which could take over shares in the CVC and GIP funds, and that the desire would be to reach an agreement. to manage the company with a new investor in order to maintain control and have veto power when making 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, the company referred to a press release published on April 2, in which it “reaffirmed its commitment as a long-term investor to the Naturgy industrial project” and confirmed its clear support for the transformation plan in which it is involved. .
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.