Naturgy gets reward for power and renewables pivot
Australian fund manager makes a premium bid based on the firm’s move away from gas, LNG and international expansion
Shares in Spanish utility Naturgy jumped by more than 15pc in a single day in late January after Australia’s IFM declared it intended to make an offer for up to 22.69pc of its share capital. Naturgy’s shares rose by almost €3 ($3.6) from just over €19.20/share to almost €22.20/share on 26 January. IFM’s offer is €23/share, representing, it says, a premium of almost 20pc to Naturgy’s pre-offer price. The offer has been declined by two of Naturgy’s largest strategic investors and may also be rejected by its largest single shareholder, bank La Caixa. But IFM’s bid, which is conditional on it being able to buy a minimum 17pc stake, “has a high chance of succeeding” with enough holders of Naturgy
Also in this section
17 May 2024
The latest drought crisis is passing, but longer-term solutions are in motion, explains Panama Canal Authority Administrator Ricaurte Vasquez Morales
16 May 2024
Flat oil growth in 2024 highlights mounting industry problems
15 May 2024
Five years ago, Uzbekistan turned to a private company called Saneg to reverse the fortunes of its oil industry. Results so far are encouraging, and according to CEO Tulkin Yusupov, further progress is on the way
13 May 2024
But optimism about island nation checked by competition around African upstream investment and history of false dawns