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Naturgy plummets on no Criteria-Taqa takeover agreement; What next?

Published 06/11/2024, 08:58 AM
©  Reuters

Investing.com - It is the company that has fallen the most in the Ibex 35. After the market closed, CriteriaCaixa, the holding company that manages the business assets of the “la Caixa” Foundation, announced yesterday afternoon to the National Securities Market Commission (CNMV) that it has ended talks with the United Arab Emirates energy company Taqa. The goal was to reach a partnership agreement to stabilize Naturgy Energy Group's (BME:NTGY) shareholder base, but the agreement did not succeed.

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"CriteriaCaixa will continue to explore alternatives to ensure Naturgy's industrial project and accelerate its growth, through options that provide stability to the company's shareholders, and allow CriteriaCaixa to maintain its position as a key Spanish partner in the company," the company stated in the release.

"Additionally, CriteriaCaixa reiterates its commitment as a long-term investor in Naturgy’s industrial project, of which it has been the main shareholder for decades. It reaffirms its intention to defend the interests of the energy company to keep it listed in Spain, ensure an industrial plan aligned with the energy transition, and maintain the security of energy supply to Spain," the statement added.

New options?

The financial press reports that the Australian fund IFM, which acquired a stake in Naturgy in 2021, might be interested in aligning with CriteriaCaixa for a potential offer.

Currently, IFM owns 15% of the Spanish company.

What should we do with the stock? According to the professional tool InvestingPro, all ProTips for Naturgy are positive.

The market value of Naturgy according to InvestingPro this Tuesday is EUR 23.64, and the risk level is low.

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