The Australian fund IFM has accepted the conditions imposed by the Government to authorize its partial takeover bid (takeover) of 22.69% of Naturgy’s share capital, with which it aims to acquire at least 17% of the energy company .
In a note sent this Thursday to the National Securities Market Commission (CNMV), IFM has welcomed with “satisfaction” the approval by the Executive of the offer and has highlighted that the conditions of the authorization are “the result of a dialogue very constructive institutional “and are aligned with their plans for the investment in Naturgy, including support to develop an industrial plan for the company that” helps make Naturgy a major player in the energy transition.
“We welcome the decision of the Spanish Government, and we hope to continue working closely with the CNMV for the final authorization of the offer and the prospectus,” said the CEO of IFM Investors, David Neal.
“We believe this is positive news for Naturgy, its shareholders, the future of the Spanish energy market and for the millions of workers who invest through their pension funds with IFM,” he added.
“We see Naturgy as a company whose strategic direction and position as a global and diversified company is firmly aligned with our principles and investment objectives,” he highlighted.
IFM considers that the offer price, which is currently 22.07 euros and will be paid in full in cash, represents a “very attractive” value proposition for Naturgy shareholders, especially considering that the evolution of the price of The shares of other competing companies in the Naturgy sector have been negative since the offer was announced in January this year. In recent weeks, Naturgy’s listing has surpassed IFM’s offer, in parallel with the share purchases made by CaixaBank, the energy company’s largest shareholder, which will not attend the takeover bid and has announced that it will strengthen without reaching to exceed 30%.
The next step in the process is the authorization of the offer and the prospectus by the CNMV. IFM, which channels its offer from a Jersey company, hopes to continue its “fruitful” work with the CNMV for the process to be successful.