Naturgy Remains Above The Price Of The Takeover Bid


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%.

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The Corner
The Corner has a team of on-the-ground reporters in capital cities ranging from New York to Beijing. Their stories are edited by the teams at the Spanish magazine Consejeros (for members of companies’ boards of directors) and at the stock market news site Consenso Del Mercado (market consensus). They have worked in economics and communication for over 25 years.