Naturgy plummets 10% on the stock market after announcing 'Operation Gemini' to split into two companies

• Gemini Project Naturgy separates its businesses and divides into two listed companies

The division in two of

is costing the company a strong punishment this Friday in the Ibex 35. The company's shares

in the first hours of the session, to 25.5 euros, after announcing the day before an internal reorganization that will result in the creation of two different listed companies.

The announcement was made on Thursday almost at the close of the market and the reaction of investors has come since the opening of this day.

The intention of the energy company is to create two companies with the same shareholding structure and with a

, adding their current capitalization of some 27,000 million euros and the debt at the end of last year of almost 13,000 million euros.

The reorganization will also mean the entry into the board of directors of the Australian fund IFM, which owns 12% of the company after the takeover bid launched last year.

However, the final value after the process of each of them will depend on the final allocation of the debt so that each company maintains its

credit objectives , as the company's president,

"The operation was not expected by the market, which, however, makes some sense by separating the activity focused on the generation and sale of energy in all its aspects, and those oriented to the management of gas and electricity infrastructures. All this to achieve optimize the energy transition process in which the sector is immersed. The market seems to have taken this news with interest and the 30 euros, historical maximum, mark the objective level in the short term", points out

spokesman for the platform eToro investment in Spain.

"The objective that Naturgy seeks with this spin-off is for each of the two companies to focus on their respective activities and optimize the structure of the group. By limiting the risks and businesses of each group, it will allow them to better focus on the search for opportunities and financing", they explain in the

Analysis department

.

"In addition, it could facilitate the materialization of an eventual corporate operation in the future," they add.

'Lantern' of the Ibex

Naturgy hopes to finalize the analysis of the operation in the coming months, with the aim of executing the spin-off throughout this year, after submitting it for final approval by the general meeting of shareholders.

The collapse of the energy company's shares is acting this Friday as the main drag on the

after a week of comebacks.

The selective Spanish tries to regain 8,800 points with the pull of tourist values ​​due to the reduction in infections, however, the 1.4% rise of the Meliá hotel company is not enough to offset the declines of PharmaMar, Siemens or Grifols, which are around -3%.

The rest of the European stock markets show the same trend, with falls ranging from 1% in the Cac in Paris, to -1.4% in both the Dax in Frankfurt and the Ftse Mib in Milan.

As for

, sovereign bonds continue to accept the latest messages from central banks and this puts

.

The Spanish indicator stands at around 83 basis points, with the interest required on the ten-year bond at 1.148%.

The barrel of

, meanwhile, remains at the levels of the day before.

Brent, a reference in Europe, is around 91 dollars after losing 0.11%, while Texas stands at 89 dollars, after rising 0.06%.

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