Renta 4 | GIP (BlackRock) carries out an accelerated placement of the 11.4% of Naturgy’s capital it still held at a price of €25.20 per share, representing a discount of close to 6% on the previous day’s closing price.
Assessment: Although this move is likely to cause the share price to adjust to the placement price, we consider the news to be positive as it provides greater liquidity to the share price and removes one of the sources of pressure to sell the stock. For the time being, and although the potential at our target price is attractive, we remain cautious in the short term about taking positions in Naturgy, as we cannot rule out the possibility that the CVC fund, which holds a 13.8% stake, may make a similar move to that made by GIP.
