Taqa, an energy company from Abu Dhabi, confirmed yesterday to the National Securities Market Commission (CNMV) its objective of launching a takeover bid (takeover bid) for 100% of the Spanish gas company Naturgy if it closes the agreement to purchase 40 % with CVC and GIP funds. Operation, that of the takeover bid, in which, if the negotiations conclude positively, it would have the participation of Criteria, the investment holding company of La Caixa and historical controlling partner of the Spanish energy company. Several sources involved in the negotiations have expressed their optimism and consider a final agreement close.
Taqa explained in his communication that the negotiations are taking place on a double track. The first, with the CVC and GIP funds, to buy 40% of the capital of Naturgy that they control between them and that they stick to reaching an agreement on the price. The second, with Criteria, to agree on a shared control agreement and possibly to launch a joint takeover bid for 100% of the capital, in which each of the two bidders could assume different percentages.
The strategic importance of the operation, which affects the security of the country's energy supply, was made clear yesterday with the avalanche of statements from several ministers. From Washington, where he is attending the meeting of the International Monetary Fund (IMF), the Minister of Economy, Carlos Corpo, assured that the Government will analyze the Taqa landing "when it materializes", Corpo added that "we have a very clear vision in Spain regarding the need to protect our strategic interests” and “we also have the necessary regulatory instruments”, in reference to the current regulations, which allow the Government to block it or place conditions on the management, as reported by Efe.
The vice president and Minister of Finance, María Jesús Montero, was more detailed and stated that “our idea and our task is that hopefully there are other investors who can join this company and that, in this case, competition is what has to determine What will be the final result? To add that her idea is that the capital that enters this type of company is “clear, transparent and, if possible, Spanish capital.”
The head of Industry, Jordi Hereu, for his part, limited himself to pointing out that "they are conversations between private groups", so he assured that "at the moment we are not speaking out."
Yesterday's session started with the CNMV's decision to suspend the trading of Naturgy shares, which started the day with new increases, driven by the possibility of a takeover bid in the coming days.
The CNMV asked those involved for explanations and shortly afterwards the statement, referred to above, arrived from Taqa informing of its intentions and that the conversations were alive, although not concluded.
The information provided by Taqa complemented and expanded that which along the same lines had been provided last Tuesday by the Criteria holding company, the investment arm of La Caixa, which had confirmed that it was negotiating with a possible new partner for Naturgy, although it denied negotiating with the two. funds that the Abu Dhabi group is talking to.
When trading in the gas company's securities opened again, its price skyrocketed again. At the close of the day, the increase was 6.13%, and its price was set at 22.84 euros. Thus, in just two days, the market capitalization, the stock market value of 100% of Naturgy, has risen by almost 2,000 million euros, to exceed 22,000 million, 10% more.
Taqa is an energy company in the emirate of Abu Dhabi, 90% controlled by Abu Dhabi Developental Holding (ADQ), and its activities focus on water and electricity management. It was created in 2005 and has annual revenues of about 14,000 million euros and operates on four continents.
