Banc Sabadell | BlackRock, following the accelerated placement of 7.1% of Naturgy’s (NTGY) capital in December (up to 12.62% NTGY), plans to continue the operation and reduce its stake to around 5% of the capital, managed solely through passive funds, according to press reports.
Assessment: This news comes as no surprise, as it was partly expected since BlackRock placed 7% of the capital in December (at a price of €24.75/share, down 5% from Thursday’s close) with a 90-day lock-up commitment. We recall that Subsequently, Criteria Caixa strengthened its position in Naturgy by acquiring around 2% (up to 26% NTGY) and other shareholders such as CVC (13.80% NTGY)/Alba (5.01% NTGY) reformulated their shareholder agreement to gain flexibility.
