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
12 December 2025
The latest edition of our annual Outlook publication, titled 'The shape of energy to come: Creating unique pathways and managing shifting alliances', is available now
12 December 2025
The federal government is working with Alberta to improve the country’s access to Asian markets and reduce dependence on the US, but there are challenges to their plans
11 December 2025
The removal of the ban on oil and gas exploration and an overhaul of the system sends all the right messages for energy security, affordability and sustainability
10 December 2025
The economic and environmental cost of the seven-year exploration ban will be felt long after its removal
