The Australian fund IFM has accepted the conditions imposed by the Government on

the bid launched on 22.7% of Naturgy

and which refer to the fact that for 5 years it must support the company's investments related to the energy transition, as well as the maintenance of its headquarters in Spain and of the majority of the staff.

Already on August 3, IFM was "satisfied" with the conditions of the Government to the bid, but this Thursday, in communication to the National Securities Market Commission (CNMV), the Australian fund announced that it has decided to accept the requirements of the Council of Ministers.

According to the communication, the authorization, which was notified yesterday, is subject to several conditions that are the result of "a very constructive institutional dialogue" and

are "aligned" with the fund's plans for its investment in Naturgy.

This includes support to develop an industrial plan for the company to help make Naturgy "a leading player in the energy transition."

The voluntary partial offer is made through its investment vehicle IFM Global Infrastructure Fund (IFM GIF) and will be paid in full in cash.

The general director of IFM Investors,

David Neal, has assured that they have welcomed the decision of the Spanish Government with "satisfaction"

and that they hope to continue working "closely with the CNMV for the final authorization of the offer and the prospectus".

In addition, he considered that this is "positive news for Naturgy, its shareholders,

the future of the Spanish energy market

and for the millions of workers who invest through their pension funds with IFM".

Neal stressed that he sees Naturgy as a company whose strategic direction and position as a global and diversified company "is firmly aligned with our principles and investment objectives."

IFM considers that the offer price represents a very attractive value proposition for Naturgy's shareholders, especially considering that the evolution of the share price of other competing companies in the Naturgy sector has been negative since the announcement of the offer in January 2021, as reflected in the evolution of Eurostoxx Utilities, which has fallen by 4%.

During this time, Naturgy has not suffered from the general poor performance of the sector, since the Naturgy price has been positively affected by the offer and has traded at levels close to the offer price.

The next step in the process is the authorization of the offer and the prospectus by the CNMV.

IFM hopes to continue its "fruitful work with the CNMV so that the process can be completed successfully".

IFM launched in January a public acquisition offer (takeover) for 22.69% of Naturgy at a price of 23 euros per share, which on Monday dropped to 22.07 euros, after discounting the interim dividend of 0.30 euros per share. title and the dividend of 0.63 euros that it distributed in March.

IFM's offer is aimed at 220 million shares of the energy company, with which

the fund would disburse about 4,855 million euros.

Since launching its partial takeover bid, at the end of January, IFM has always made it clear that it did not intend to displace Criteria as the first shareholder of Naturgy, but was launching this offer with institutional investors in mind, that is, in pension plans, funds or entities and institutions with relevant packages of company shares, which account for 21.7% of the shareholding, and minority holdings, which have another 7.7% of the capital.

However, IFM has mentioned its interest in being on the board and has set

the minimum goal of reaching 17% of the capital with its takeover bid,

a goal that the market takes for granted will be achieved.

According to the criteria of The Trust Project

Know more

  • Naturgy

  • Spain

  • Minister council

Investment The PERTE of the automobile will force the production of vehicles and batteries at the same time

InternationalPedro Sánchez exposes that Cuba "is not a democracy" but avoids calling it a dictatorship

SpainRajoy against 'todes': "There is too much artist of the Spanish language in the Council of Ministers"

See links of interest

  • Last News

  • Holidays 2021

  • Home THE WORLD TODAY

  • Podcast Economia

  • Spain - France, live

  • United States - Australia, live

  • Spain - Denmark, live