Naturgy Shares Hit the Gas as Fund's Offer Only Partly Accepted
By Joshua Kirby
Shares in Naturgy Energy Group SA surged Thursday after the
Spanish utility's shareholders accepted a bid for a stake of just
more than 10% from Australia's IFM Global Infrastructure Fund.
At 1419 GMT, shares traded 4.1% higher at EUR23.89, having
earlier reached an intraday high of EUR24.87.
In a release filed to Spain's market regulator CNMV, IFM said
that its offer of 22.07 euros a share, made via its
Luxembourg-based investment vehicle Global Infraco O (2), had been
accepted to the equivalent of just more than 105 million shares, or
10.83% of total Naturgy shares. This represents slightly less than
half the shares IFM had bid for.
The fund said it had decided to waive the minimum acceptance
condition of 17% it had originally stipulated, and would acquire
all shares for which its offer had been accepted.
The stake is worth 2.32 billion euros ($2.69 billion), based on
the offer price. IFM's original offer, made in January, was for
EUR23 a share, but this was later revised downward. The bid was
approved by the CNMV in September.
Following the nod from the CNMV last month, Naturgy's largest
shareholder said it opposed the bid from IFM. CriteriaCaixa, an
investment holding company linked to CaixaBank SA and which holds
just more than a quarter of the company's shares, said the move
wasn't in Naturgy's long-term interests.
Naturgy declined to comment when contacted by The Wall Street
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(END) Dow Jones Newswires
October 14, 2021 11:00 ET (15:00 GMT)
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