{"id":110204,"date":"2021-01-26T10:51:25","date_gmt":"2021-01-26T10:51:25","guid":{"rendered":"https:\/\/precoinnews.com\/?p=110204"},"modified":"2021-01-26T10:51:25","modified_gmt":"2021-01-26T10:51:25","slug":"fund-run-by-australian-pension-investors-seeks-stake-in-spains-naturgy","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/markets\/fund-run-by-australian-pension-investors-seeks-stake-in-spains-naturgy\/","title":{"rendered":"Fund run by Australian pension investors seeks stake in Spain's Naturgy"},"content":{"rendered":"

MADRID (Reuters) – Investment fund IFM Global Infrastructure Fund offered on Tuesday to buy a 22.7% stake in Spain\u2019s Naturgy for 5.06 billion euros ($6.13 billion), sending the power group\u2019s shares soaring 16% to lead gainers on Madrid\u2019s bourse.<\/p>

FILE PHOTO: The logo of Spanish energy company “Naturgy” is seen in its headquarters in Madrid, Spain, October 9, 2018. REUTERS\/Sergio Perez<\/figcaption>

The cash offer of 23 euros per share represented a 19.7% premium over Naturgy\u2019s closing price on Monday, according to calculations by the fund\u2019s manager IFM Investors, which is owned by Australian pension funds.<\/p>\n

Naturgy\u2019s earnings have been hit over the past year as the coronavirus pandemic crimped demand for fuel, dragging down gas prices already depressed by a global glut of super-chilled liquefied natural gas (LNG).<\/p>\n

Formerly known as Gas Natural, Naturgy rebranded in 2018, reshuffled management and set about cutting costs and moving out of a number of countries including Colombia and Italy.<\/p>\n

It is now looking to expand its presence in the fast-growing renewable energy generation sector. It bought a solar energy developer in the United States this month.<\/p>\n

Naturgy said it first heard of the offer with IFM\u2019s statement to the Spanish stock exchange on Tuesday, and had hired investment bank Citi and Freshfields law firm.<\/p>\n

IFM said its offer is subject to obtaining at least 17% of all Naturgy shares and said it would adjust its price downwards if the company made any pay-outs such as dividends.<\/p>\n

The fund said it did not plan to take control of Naturgy.<\/p>\n

Two major shareholders, Rioja Acquisition and GIP III Canary 1, which own a total of 41.4% in Naturgy, have decided not to hand over their shares, but will vote to give the fund the right to appoint members of Naturgy\u2019s board.<\/p>\n

Naturgy\u2019s biggest shareholder is La Caixa banking foundation which owns a 24.4 % stake through its holding company Criteria, the parent company of Caixabank.<\/p>\n

IFM will finance the majority of the acquisition with equity commitments from its investors and the rest through debt.<\/p>\n

The fund said in a statement it sought long-term investments for 470 different entities worldwide and focuses on assets that bring economic and social benefits.<\/p>\n

($1 = 0.8258 euros)<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

MADRID (Reuters) – Investment fund IFM Global<\/p>\n","protected":false},"author":3,"featured_media":110203,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23054],"tags":[],"yoast_head":"\nFund run by Australian pension investors seeks stake in Spain's Naturgy - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/markets\/fund-run-by-australian-pension-investors-seeks-stake-in-spains-naturgy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fund run by Australian pension investors seeks stake in Spain's Naturgy - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"MADRID (Reuters) – Investment fund IFM Global\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/markets\/fund-run-by-australian-pension-investors-seeks-stake-in-spains-naturgy\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2021-01-26T10:51:25+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2021\/01\/cnewsfotor6-2.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/markets\/fund-run-by-australian-pension-investors-seeks-stake-in-spains-naturgy\/\",\"url\":\"https:\/\/precoinnews.com\/markets\/fund-run-by-australian-pension-investors-seeks-stake-in-spains-naturgy\/\",\"name\":\"Fund run by Australian pension investors seeks stake in Spain's Naturgy - 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