Taqa, Abu Dhabi’s state-owned energy company, confirms it is in talks over a takeover bid for Naturgy.
Taqa, Abu Dhabi’s state-owned energy company, has confirmed talks with CriteriaCaixa about a potential collaboration in Naturgy. The Arab company also assured that this trading with CVC and GIP funds about the possible acquisition of its shares in the Spanish gas company.
If they reach an agreement, They will announce the takeover of all Naturgy shares. However, they note that they have not yet reached said agreement with CriteriaCaixa, CVC or GIP. Therefore, “there are no guarantees that the operation will take place, as well as the terms of a possible agreement.” Moreover, they report that there was no approach from Taqa to Naturgy.
With a corresponding message sent today, Taqa confirms that it is in negotiations with the CVC and GIP funds to acquire its shares, which Together they occupy more than 40% of the company. Having completed the investment cycle in the company, Taqa is seeking to acquire a stake in Naturgy from the US fund CVC (20.7%) and the GIP fund (20.4%), which is being acquired by BlackRock. An offer to purchase more than 30% of the shares would force Taqa to file a takeover bid for the company. 100%, as established by law.
However, the “potential collaboration” it has established with CriteriaCaixa (26.7%), a Spanish group that intends to remain in the gas company, opens the door to the fact that the Arab operation will not be carried out alone. In addition to the above-mentioned funds, another 15% of shares are owned by Australian IFM.
Naturgy shares closed 6.13% higher yesterday following the announcement and lifting of a precautionary suspension on the stock market’s listing of shares.
This morning, the CNMV rescheduled Naturgy with immediate effect. That is, the temporary cessation of the activity of buying and selling shares on Stock Exchanges and in the Stock Market Interconnection System, “while relevant information is disseminated about essence.
The suspension came after La Caixa’s investment arm, CriteriaCaixa, acknowledged in a statement sent to the CNMV that “it is maintaining negotiations with a potential investment group, which has stated that it is in contact with some of Naturgy’s main shareholders.” and are interested in reaching a potential partnership agreement with Criteria. For his part, CriteriaCaixa CEO Angel Simon said he is making it “absolutely clear” that he will strengthen his presence in “strategic Spanish companies in strategic sectors: banking, telephony, energy and water” to continue to create value. and continue to be the first Spanish investor.
At the time of the suspension, shares of the energy company rose by one 1.3%, up to €21.80 per title. The gas company ended Tuesday’s stock market trading with its best performance on Ibex after rising 3.36% in the session to €21.52, its highest closing price since late February and its best day since December 14. October 2022 Naturgy shares rise more than 8% after CriteriaCaixa announcement; However, its meanings lost power throughout the session.
More than 87% of the energy company’s capital is in the hands of its large shareholders, including Criterium, which owns 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%).
Who is Taka?
Taqa, which was born in 1998 after the privatization of Abu Dhabi’s energy and water sector, has been listed on the stock exchange of the capital of the United Arab Emirates since 2005. As it says in its presentation, it has since become a “diversified” company with operations in the United Arab Emirates, as well as Canada, Ghana, India, Iraq, Morocco, the Netherlands, Oman, Saudi Arabia, the UK and the US.