IFM exceeds 16% of Naturgy

He Australian investment fund IFM has formalized a new Naturgy capital purchasealready exceeding 16% of the shareholding. The fund exceeds this level for the first time after acquiring an additional 1% of the company, as reflected in the official records of the National Securities Market Commission (CNMV), the regulator of the Spanish stock market.

The fund has exactly one 16.023% of Naturgy capital in their hands, corresponding to a package of shares of 155,359 million. A share that, according to current market prices, already reaches a value of 3,651 million euros. The investment fund based in Australia has formalized the purchase of a new 1% in recent months, at least since January, when the last known position was 15.01% of Naturgy.

From the first month of the year until now, the Australian fund has acquired around 9.8 million shares of the energy company, which leaves it today with 16% of Naturgy. However, the fund – responsible for the failed partial takeover that launched on the company in January 2021 – remains well below the majority shareholders of the company.

Criteria remains the majority shareholder of Naturgy

CriteriaCaixahe holding company inverter Isidro Faine and in charge of managing the business assets of the “la Caixa” Foundation, continues to be the main shareholder of Naturgywith the 26.7% of capital. That is, almost a third of the company. Criteria’s participation in Naturgy is followed by other funds such as CVC (20.7%) and GIP (20.6%), the latter about to be controlled by the international macro investment fund BlackRock after GIP was acquired by Larry Fink’s fund.

So things are, IFM remains in the fourth place of the Naturgy shareholder ranking despite having increased its participation by 1% in recent months. The Australian investment fund exceeds in percentage Sonatrachthe Algerian state gas company, with a stake of 4.1% and an especially close relationship with Naturgy for having closed a new price agreement this summer to maintain the supply of Algerian gas to the Spanish gas company.

He IFM investment fund has been one of the protagonists in the capital of Naturgy after the attempted -failed– to launch a partial takeover bid on the energy business in January 2021, almost four years ago. At that time, the Australian fund wanted to acquire 22% of the energy company’s capital through an operation that did not go ahead. Then, Criteria decided to reinforce its shareholding in the energy company and increased its percentage to 26.7% of the company, with the intention of even reaching 30%.

IFM did not achieve the minimum acceptance percentage to carry out the partial takeover bid, marked at 17%, and since then it has continued to carry out takeover operations. purchase of shares to continue increasing its weight in the company. What’s more, in February 2022, the fund managed to incorporate Jaime Silesresponsible for the fund in Spain, as representative of the Australian investment giant on the governing body of Naturgy. The investment fund has made clear, since its entry into Naturgy, its intention to remain in the company as long term investor.

Naturgy, protagonist of business news

Naturgy It has been another of the great companies protagonists of the share movements of this last year, with conversations on the table for the entrance of the Emirati company Taqa in its capital. An operation that finally it didn’t go ahead either after failing to reach an agreement in the negotiations, in which he also participated the national investment giant CriteriaCaixa. After the failure of this attempt, just weeks ago the Government gave its approval to the transfer of the fund’s business GIPwith 20% of the energy company’s capital, to the international macro fund BlackRock. The Executive’s approval of this operation implies the transfer of Naturgy’s participation from one fund to another at the time the operation materializes.

The energy company, led by Francisco Reynés solo -to this day it still does not have a CEO-, announced this summer that, in the coming months, it will announce a new strategic plan for the next period 2025-2030. A new roadmap that will be communicated to the market in due course. A little over a week ago, the international rating agency Moody’s has confirmed Naturgy’s long-term ‘Baa2’ valuation with a ‘stable’ outlook, reflecting the financial strength of the energy sector, as reported by the international firm.

Naturgy shares listed in red this Wednesday, with a 0.47% drop until reaching a price of 23.41 euros per title. However, in the last full session – on Tuesday – Naturgy shares took off after learning of the Australian fund’s increase in the company’s capital.