Naturgy's Largest Shareholder Opposes $5.7 Billion Partial Takeover Bid
By Joshua Kirby
Naturgy Energy Group SA's single largest shareholder said Friday
that it would reject an offer for a stake in the company launched
by IFM Global Infrastructure Fund, arguing that the move isn't in
the company's long-term interests.
CriteriaCaixa, an investment holding company linked to CaixaBank
SA, said it opposed the offer to acquire a 22.69% stake made by IFM
through its investment vehicle Global InfraCo 0 (2). The offer was
first made in January, with the bid later revised downward from 23
euros to EUR22.07 a share, or total 4.86 billion euros ($5.70
billion.) The offer was approved by Spanish regulator the CNMV
earlier this month.
"In light of the Naturgy Board of Directors' comments on the
impact of this offer on the company's corporate governance,
[CriteriaCaixa] has concluded that the offer, both in its content
and in its context, fails to satisfy CriteriaCaixa's interests,"
said the company, which controls 26% of the energy group's share
capital. CriteriaCaixa added that as an investor, it is committed
to Naturgy's long-term development.
Write to Joshua Kirby at email@example.com;
(END) Dow Jones Newswires
September 24, 2021 02:47 ET (06:47 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.