Aug. 21 () –
The Australian fund IFM has continued with its escalation in Naturgy’s capital and already reaches almost a 14% stake in the company, according to the energy company’s financial report for the first half.
Specifically, at the end of June, IFM’s position in Naturgy’s share capital amounted to 13.9%, consolidating its position as its fourth largest shareholder. This participation has a value, at current market prices, of around 3,900 million euros.
The last great movement of IFM in Naturgy’s shareholding was known at the end of last March, when the fund increased its participation by almost 1.3% to reach 13.38%.
IFM launched a partial takeover bid for Naturgy in January 2021 with the aim of acquiring 22% of the company’s capital. The offer was answered by CriteriaCaixa’s decision to strengthen its shareholding in Naturgy, increasing its participation with various purchases in the market to the current 26.7% and with the aspiration of reaching up to 30%. Finally, the acceptance of the partial takeover bid by IFM remained at 10.83% of the capital.
Since then, the Australian fund has carried out several share purchase operations to increase its weight, in addition to having used its right to appoint a director.
Thus, last February Jaime Siles joined the governing body of Naturgy as a representative of IFM, within the reorganization that the energy company undertook in its board of directors.
Criteria, the holding company of La Caixa, continues to be Naturgy’s main shareholder, with 26.7% of the capital, followed by CVC (20.7%) and GIP (20.6%). The Algerian state-owned company is the group’s fifth shareholder with a 4.1% stake.
GEMINI PROJECT.
Last February, before the invasion of Ukraine by Russia, Naturgy announced its plan to split into two companies, with one that will bring together the regulated assets of the firm (NetworksCo) and the other the free business (MarketsCo), in which it is known as ‘project Gemini’.
Initially, the company’s roadmap was to have the operation closed this year, although last March, on the occasion of the group’s general shareholders’ meeting, the president of Naturgy, Francisco Reynés, already stated that The decision on the timing of the operation depended on factors such as market conditions and regulatory visibility, ratings, and administrative authorizations and permits.
In this regard, in its financial report for the first half of the year, Naturgy indicates that it continues to monitor the progress of all the analyzes of the project, “which so far confirm its suitability and strategic sense”.
However, it underlines that the current volatility of the markets, the
evolution of the European energy situation and the multiple regulatory uncertainties still pending to be known exactly “advise adapting the execution schedule to the evolution of events”.
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