After a suspension of Naturgy’s trading for more than two hours by the National Securities Market Commission, the Emirati energy group TAQA has taken a step forward in its intentions to acquire the Spanish gas company. In a relevant fact sent to the supervisor, TAQA confirmed that it is holding conversations with CriteriaCaixa and two other entities regarding a possible acquisition of shares in Naturgy.
TAQA is an energy group with operations in various countries, including Spain, and has been listed on the stock exchange for 19 years. The potential acquisition of Naturgy by TAQA has raised questions about the future of the company and its shareholders. If the acquisition were to occur, a public takeover offer for the entire capital would need to be made, as both funds (CVC and GIP) have more than 20% of the shares respectively, exceeding the 30% limit set by law to launch a takeover bid.
However, TAQA clarified that no agreement has been reached with Criteria or GIP yet, and there is no guarantee that any operation will be implemented. There has been no approach to Naturgy by TAQA. The CNMV had suspended trading of Naturgy shares following information about a possible takeover bid by TAQA and negotiations between the main shareholder funds and the potential buyer. The suspension was lifted after TAQA communicated with the CNMV, leading to an increase in Naturgy shares.
The negotiations between the parties involved are ongoing, and the outcome remains uncertain. Regulatory bodies such as CNMV and CNMC will have to review the transaction if it were to occur, and approval from government may be necessary for its implementation. The liquidity of Naturgy’s shares coupled with market conditions has influenced these negotiations between TAQA and other stakeholders involved.
Overall, while there is interest from TAQA in acquiring Naturgy shares, nothing is certain at this point regarding whether or not it will happen.