IFM’s takeover bid for 22.7% of the capital of Naturgy (NTGY) at a price of 22.07 euros/share ended Thursday, with a level of acceptance of 10.83%. Far below the aspirations of the Australian fund.
Naturgy shares rose on Thursday by 4.62% to 24.01 euros/share (a high of 24.87 euros/share) and closed on Friday at 23.25 euros/share. Today, Monday, it is still trading at 23 euros per share. Analysts suspect that this rise is the result of the need to close short positions: short investors were betting that after the takeover bid the stock would fall and when they wanted to buy shares they found it difficult to find a selling counterpart.
Norbolsa believes that Thursday’s strong rise in the stock can also be explained by the possible continuation of purchases by La Caixa or IFM after the end of the takeover bid period.
In any event, IFM becomes the fourth largest shareholder of the group after Criteria Caixa (27%), GIP (21%) and CVC and CF Alba (21%). Sonatrach remains with 4% of the capital, treasury stock stands at 1% and the free float is reduced to 16%.
