Naturgy

Naturgy

CriteriaCaixa and TAQA break off negotiations, joint takeover bid for Naturgy now off the table

CriteriaCaixa, the industrial holding company of La Caixa Foundation, has announced that it has broken off negotiations with TAQA to launch a public takeover bid (PTB) for Naturgy that would satisfy the participation of the CVC and GIP funds. It thus puts an end to more than a month of negotiations with the Abu Dhabi energy and water operator, which apparently intended to take 51% of the joint vehicle, which…


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Naturgy approves roadmap with ambitious network investment plan of €1.34 billion up to 2027

Banc Sabadell | Naturgy (NTGY) has approved a roadmap for its electricity distribution network subsidiary with an ambitious investment programme, proposing to invest €1.34 billion until 2027 to digitise and reinforce infrastructure, according to press reports. Assessment: Positive news with limited impact, where Naturgy could be reviewing its current roadmap that expires in 2025 regardless of what happens with the takeover bid (currently under negotiation). It would make sense that,…


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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…


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TAQA would have to negotiate Naturgy’s credits with banks because part of debt subject to change of control clause

Link Securities| Most of Naturgy’s debt, which is around €12,000 million, is subject to a clause relating to the change of control, either by acquiring more than 50% of the voting shares or by obtaining the right to appoint the majority of the members of the Board of Directors of Naturgy, according to Expansión. According to the newspaper, Abu Dhabi-based energy company TAQA, which is finalising its takeover bid for…


Gas Natural becomes Naturgy

TAQA negotiates €26,000-million bid for Naturgy with CVC and GIP

TAQA, the Emirates giant, confirmed yesterday that it is negotiating with CVC and GIP, and in agreement with La Caixa, an offer for 100% of Naturgy. Because if an agreement is reached for CVC and GIP to sell, and given that they account for more than 40%, TAQA would have to make a takeover bid for 100%. After the confirmation of the negotiations, the National Securities Market Commission (CNMV) suspended…


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Industrial investor like Taqa could take over from one or more of Naturgy’s financial investors

Santander Corporate & Investment | After a week of rumours in the press about a reorganisation of Naturgy’s (NTGY) shareholding structure (Baa2 e, BBB e, BBB e), Naturgy’s main shareholder, Criteria (with a 26.7% stake), announced a relevant fact on Monday. Criteria affirmed its long-term commitment as an investor in Naturgy and expressed its explicit support for the company’s transformation plan. Criteria also acknowledged that it has continued talks with…


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Naturgy to make Altadia Group’s self-consumption photovoltaic plant the largest in Castellón province

Link Securities| Naturgy has installed the largest self-consumption photovoltaic plant in the province of Castellón, the digital newspaper elEconomista.es reports today. Naturgy has signed an agreement with Altadia, a world leader in the field of glazes, frits and digital ink for the ceramics sector with the aim of decarbonising its consumption through renewable energy. The agreement, sealed between the two companies, will involve the installation of more than 24,000 photovoltaic…


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Naturgy chairman praises Blackrock: “there is alignment of interests and long-term vision”

Alphavalue/DIVACONS| The president of the energy company, Francisco Reyes, praised Blackrock for giving stability to the companies and affirmed that “there is alignment of interests and long-term vision”. He said this in an interview on Thursday at the 54th annual meeting of the World Economic Forum in Davos (Switzerland) and in the wake of Blackrock’s acquisition of the US fund Global Infrastructure Partners (GIP), which owns a 20% stake in…


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Naturgy begins construction of second large photovoltaic facility in US, in Texas, with €285-million investment

Link Securities | Naturgy (NTGY) has begun construction of its second large photovoltaic facility in the United States, the Grimes plant, which will have a capacity of 210 MW and will involve an investment of more than €285 million, according to Europa Press. This new renewable generation plant will be located in the state of Texas and will generate enough emission-free electricity to supply approximately 140,000 homes. With the start-up…


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Supreme Court authorises Naturgy to temporarily close five gas-fired power plants but rejects compensation

Link Securities | As reported on Friday by the digital newspaper Bolsamania.com, the Administrative Chamber of the Supreme Court (SC) has authorised the temporary closure of the combined cycle power plants of Palos de la Frontera 1 and 3, Cartagena group 2 and 3, and Sagunto group 3, under the terms contained in the application filed on 25 May 2017 by Naturgy (NTGY) with the Administration. However, the SC has…