Naturgy’s main shareholder, Criteria, insists it will only make its position official about the tender offer for the company by IFM just when the time comes. The government also must express its opinion on the operation. At this moment they are leaning towards vetoing the Australian fund entry in Naturgy to safeguard national interests.
Naturgy takeover bid
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”.