Banc Sabadell : The National Securities Market Commission (CNMV) has authorised the auto-IPO of Naturgy (NTGY) to acquire up to 9.08% of its share capital (with the aim of improving its free float) at €26.50/share. The acceptance period will be 15 days from the day after details of the offer are published in the press. On the other hand, the company has confirmed that it will not go ahead with the Genesis Plan, which consisted of separating regulated and non-regulated activities.
Assessment: We recall that the target of the takeover bid is to reach a free float of 19.68% and that NTGY shareholders Criteria Caixa (26.7% NTGY), BlackRock-GIP (20.96%), CVC-March (20.7%) and IFM (16.6%) would participate in the auto-IPO. NTGY would then start to restore the free float and for which there would be no timetable yet. However, the reality is that, as a result of this operation, the free float will be reduced to a maximum of 6.73% in the short term and that NTGY has given itself until 2027 to place shares and raise this free float to a final target of 19.68%.
