The Public Tender Offer (OPA) announced by Australian IFM Investors on Naturgy (formerly Gas Natural) offers an almost perfect occasion to test the limits on the sale of companies that are in force in Spain due to the pandemic.
I say almost perfect, because it is a partial takeover bid, which does not seek control of the company since it is limited to 22.69% of the shares and is conditional on the acceptance of at least 19% of them.
That fact could be a factor
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