The Government has given the green light, with multiple conditions, in the last Minister council from the course to the takeover bid (takeover bid) launched at the beginning of the year
the Australian fund IFM on 22.69% of Naturgy. An operation of 5,000 million to enter as one of the largest shareholders of the energy company, although its success, despite the ‘ok’ of the Executive, is not guaranteed.
IFM has reiterated on several occasions that it has a vocation to remain in Naturgy.
A bet on the future and not opportunistic, have always maintained, with the objective also of accompanying the company in its growth, that it has recently presented its new strategic plan without waiting for the result of this operation because the business has to continue its course.
The challenge now for the Australian fund will be to see to what extent its takeover manages to be successful among shareholders, because to date it has not reaped more than rejection.
La Caixa -through the Criteria holding- is the first owner of the energy company with almost 26% of the capital and with the aim of reaching slightly less than 30%. Rioja and GIP each have around 20% of the capital and Sonatrach accumulates 3.8%. Well, all of them have confirmed that they will not attend the assault operation.
In this way, IFM already has
slightly more than 70% of the shareholders against, which reduces the margin for the fund movement to be successful. In addition, will have to take into account the demands that the Government has imposed on it in the event that the takeover bid goes ahead. They are not few, but they are expected.
Teresa Ribera, third vice president, has been in charge of presenting the Government’s endorsement of the operation. It has pointed out that is a “singular” opa as it is a strategic company in a strategic sector, with which the Executive seeks to guarantee for Naturgy that the arrival of IFM will be one of stability and not as an opportunistic operation.
In this sense, the Executive has established that, in the five years following the takeover bid, IFM It must support the projects linked to the energy transition that generate value and are sustainable presented by Naturgy; It also requires that the headquarters and management and management headquarters be maintained in Spain; that the maintenance of the workforce in our country is guaranteed; that a prudent dividend policy is followed; that it does not support divestments other than those reflected in the strategic plan, maintaining control of the subsidiaries; and do not seek the exclusion of the company from the Stock Market.
A host of restrictions on the attitude that IFM can take in the event that it becomes a shareholder in Naturgy, although in any case it would do so as the second shareholder since it would be the first The Caixa, which has made a common front these months with the current board of directors (and its president Francisco Reynès) to guarantee control of the group.