Naturgy gets reward for power and renewables pivot
Australian fund manager makes a premium bid based on the firm’s move away from gas, LNG and international expansion
Shares in Spanish utility Naturgy jumped by more than 15pc in a single day in late January after Australia’s IFM declared it intended to make an offer for up to 22.69pc of its share capital. Naturgy’s shares rose by almost €3 ($3.6) from just over €19.20/share to almost €22.20/share on 26 January. IFM’s offer is €23/share, representing, it says, a premium of almost 20pc to Naturgy’s pre-offer price. The offer has been declined by two of Naturgy’s largest strategic investors and may also be rejected by its largest single shareholder, bank La Caixa. But IFM’s bid, which is conditional on it being able to buy a minimum 17pc stake, “has a high chance of succeeding” with enough holders of Naturgy
Also in this section
22 November 2024
The Energy Transition Advancement Index highlights how the Kingdom can ease its oil dependency and catch up with peers Norway and UAE
21 November 2024
E&P company is charting its own course through the transition, with a highly focused natural gas portfolio, early action on its own emissions and the development of a major carbon storage project
21 November 2024
Maintaining a competitive edge means the transformation must maximise oil resources as well as make strategic moves with critical minerals
20 November 2024
The oil behemoth recognises the need to broaden its energy mix to reduce both environmental and economic risks
