{"id":139168,"date":"2021-09-19T13:57:23","date_gmt":"2021-09-19T13:57:23","guid":{"rendered":"https:\/\/precoinnews.com\/?p=139168"},"modified":"2021-09-19T13:57:23","modified_gmt":"2021-09-19T13:57:23","slug":"naturgys-main-shareholders-not-selling-although-ifm-bid-is-reasonable-board","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/markets\/naturgys-main-shareholders-not-selling-although-ifm-bid-is-reasonable-board\/","title":{"rendered":"Naturgy's main shareholders not selling, although IFM bid is 'reasonable' -board"},"content":{"rendered":"

MADRID (Reuters) -Naturgy said on Friday its main shareholders will not tender their shares, although its board considers the 4.9 billion euros ($5.76 billion) bid from the Australian fund IFM to acquire a 22.69% stake in the Spanish energy group to be reasonable.<\/p>

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

The bid is subject to securing at least 17% in the Spanish energy group, although IFM said in its prospectus filed last week it could decide to lower the minimum threshold to 10%.<\/p>\n

The three main shareholders in Naturgy hold more than a combined 67% of the energy group.<\/p>\n

The energy group said in a filing that from a financial point of view and in the current circumstances, the price of the offer is reasonable but it added that it had to also assess the possible impact on corporate governance, without giving any details.<\/p>\n

In its prospectus filed last week, IFM said it intended to appoint two board members without increasing the overall number of the current 12 executives on Naturgy\u2019s board.<\/p>\n

After stripping out dividend payments, IFM is offering 22.07 euros per share, down from an original 23 euros per share offer. Shares in Naturgy closed on Friday at 21.590 euros.<\/p>\n

A source with knowledge of the matter said that taking into account stakes held by some board members in Naturgy, treasury stock and a 3.85% stake held by Algeria\u2019s state-owned oil company Sonatrach, which is aligned with the board\u2019s assessment, more than 70% of Naturgy\u2019s shareholders would not sell.<\/p>\n

Besides Criteria, which currently holds almost 26% in the energy group, Naturgy\u2019s main shareholders are private equity funds CVC and GIP with stakes of 20.7% and 20.64%, respectively.<\/p>\n

Criteria, the main shareholder of Caixabank, is fully owned by the foundation of former savings bank La Caixa.<\/p>\n

Naturgy\u2019s shareholders have until Oct. 8 to accept the offer.<\/p>\n

In its filing to the supervisor, Naturgy also warned that its shares could be negatively impacted, like peers Endesa and Iberdrola, by measures approved by the government this week to redirect billions of euros in extraordinary profits from the industry to consumers.<\/p>\n

IFM said in a statement its offer was \u201cexcellent news\u201d for Naturgy shareholders particularly when current regulatory uncertainty was causing the weak performance of Naturgy\u2019s competitors\u2019 shares.<\/p>\n

\u201cWhile the sector is in decline, and the share prices of Naturgy\u2019s main competitors underperform, Naturgy\u2019s shareholders can benefit from IFM\u2019s attractive GIF Offering,\u201d it added.<\/p>\n

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

MADRID (Reuters) -Naturgy said on Friday its<\/p>\n","protected":false},"author":3,"featured_media":139167,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23054],"tags":[],"yoast_head":"\nNaturgy's main shareholders not selling, although IFM bid is 'reasonable' -board - 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\/naturgys-main-shareholders-not-selling-although-ifm-bid-is-reasonable-board\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Naturgy's main shareholders not selling, although IFM bid is 'reasonable' -board - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"MADRID (Reuters) -Naturgy said on Friday its\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/markets\/naturgys-main-shareholders-not-selling-although-ifm-bid-is-reasonable-board\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2021-09-19T13:57:23+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\/09\/Naturgys-main-shareholders-not-selling-although-IFM-bid-is-reasonable-board.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\/naturgys-main-shareholders-not-selling-although-ifm-bid-is-reasonable-board\/\",\"url\":\"https:\/\/precoinnews.com\/markets\/naturgys-main-shareholders-not-selling-although-ifm-bid-is-reasonable-board\/\",\"name\":\"Naturgy's main shareholders not selling, although IFM bid is 'reasonable' -board - 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