The Colombian government has finally decided to liquidate the electricity distributor Electricaribe, controlled by Gas Natural Fenosa. The company was intervened by the government last November, as a temporary preventitive measure.
On Tuesday, the Colombian government ordered an intervention in Electricaribe because there was a risk the company could discontinue its services. Electricaribe is an electricity distributor with 2.5 million clients on Colombia’s Caribbean Coast. Gas Natural owns 85%, while the remaining stake is in state hands.
Repsol and La Caixa, via Criteria, have closed the sale of 20% of Gas Natural Fenosa to the US fund Global Infraestructure Partners (GIP) for €3.803 billion. GIP will now become one of the core shareholders of the energy multinational.
Spain’s three biggest utility companies, Iberdrola, Endesa and Gas Natural, earned 30% less in 2015, recording a combined profit of € 5.0009,6 billion in 2015, 29.6% less than a year earlier.
MADRID | By Jaime Santisteban | Almirall, Campofrío and Sacyr are the most recommended values in the Spanish market, according the market consensus. Repsol turned down the offer to renew its two seats in the YPF ‘s board on Tuesday, and fixed its eyes in Norway instead. Also, unemployment in Spain reportedly dropped by 111,565 people in April. “Although this means a turning point in the Spanish economic recovery, the country remains in the deep well,” The Corner senior analyst Fernando G. Urbaneja explains.
MADRID | By Jaime Santisteban | Repsol could sell its 30% participation in Gas Natural before the summer. 20 % of it would go for sovereign wealth funds (yet unidentified) and 10 % through quick placement of shares. RENTA 4 believes the company will monetize the operation if other worthy investment opportunities are identified. SABADELL finds the move logical within negotiations with La Caixa (which controlls 1/3 of Repsol’s capital). ACF highlights that Gas Natural shares are turning out very profitable in dividend for Repsol (4.5%), making this sale not that attractive for that firm.