Criteria and TAQA negotiate to share Naturgy’s capital in hypothetical joint control

Banco Sabadell : According to press reports, Criteria and TAQA are negotiating the distribution of power in a hypothetical joint control within Naturgy.

The same sources indicate that this could lead to a balance in the capital (Criteria and TAQA with very similar stakes) although initially Criteria would only intend to slightly increase its 26.7%.

We recall that other sources pointed out yesterday that the main issue to be resolved in the TAQA and Criteria Caixa takeover bid for Naturgy is the discussion as to whether or not the dividends already agreed (up to €1.4/share, 5.6% yield) to be paid during the acceptance period should be deducted from the price finally offered (c. €27/share).

Assessment: News of limited impact, as this type of message is common while waiting for the conditions of the takeover bid to be finalised. In any case, we do not think that it will have a significant change in the dynamics of the share.

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