Global InfraCo, owned by Australian fund IFM Global Infrastructure, has announced a voluntary and partial tender offer for up to 220 million shares in Spanish energy company Naturgy, representing 22.69% of the firm’s share capital. The offer price is €23 per share, which is a premium of 28.9% over the volume weighted average price of Naturgy shares for the last six months and 19.7% over Naturgy’s share price at yesterday close. For Bankinter’s analysis team, the offer is “attractive for minority shareholders”.